A new membership-based website and online community is to launch to help savers plan their retirement income including pensions, equity release and renting out spare rooms.
The Retirement Income Alliance is a joint venture between former IoD financial services policy senior adviser Malcolm Small, the National Federation of Occupational Pensioners and 7plc’s Helen Buchanan.
The service, due to launch in the spring, will provide news, opinion, and online tools on retirement income options beyond traditional pensions. It will be funded by a membership fee which is yet to be set.
The group says it will be announcing a number of commercial partners in the coming weeks.
RIA executive chairman Malcolm Small says: “The shape of what we think of as retirement is shifting. For many, private pension income will be inadequate, and new perspectives will be required. Membership of RIA will help people have better knowledge of their options, so they can make better choices for themselves.
“Many people will actually have more options than they think they do. With better knowledge people will be confident to make better choices and ultimately achieve better retirement outcomes.”
NFOP chief executive Malcolm Booth says: “The information RIA will provide to its members is desperately needed and will complement perfectly what NFOP already does for those who have retired.
“The next 15 years will see over 7.5 million people approach state pension age. Many will need support in understanding and assessing the income choices open to them. The days of being forced to take an annuity have gone as is cliff edge retirement and people need help to make themselves aware of their alternatives, RIA is intended to do just that.”