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Govt plans to bring in net retirement planner

The Government is aiming to introduce an online retirement planner that

will tell people about their current provision and what they should do to

provide for their old age.

The Department for Work and Pensions is consulting with providers on the

pension portal project unveiled in the Green Paper last month and will look

to build on the online pension calculator launched by the ABI and FSA in

November.

The DWP wants the system to show total projected pension income, estimate

what an individual might need and illustrate options for addressing any

shortfall. The portal would be accessed through the Government gateway

service and could give advisers access to clients&#39 details in the same way

that accountants are entitled to operate online with the Inland Revenue on

their clients&#39 behalf.

Financial Technology Research Centre director Ian McKenna says: “IFAs

should not see this as a threat. Direct offices that have historically been

reluctant to give pension information to IFAs will find it hard to say no

to the Government. A system that allows an adviser to aggregate all the

pension information from a client&#39s schemes will leave advisers more time

to give advice.”

Needanadviser.com director Ashley Clark says: “Provided there is still

adviser involvement, this could be a brilliant tool – anything that enables

a client to be better informed helps them understand their potential

savings gap. But as this technology develops, IFAs who do not have a real

commitment to e-commerce will lose out.”

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