Scottish Widows has launched a new website designed to help savers navigate their retirement options in the wake of Chancellor George Osborne’s radical pensions overhaul.
The website allows users can model the impact of taxes on cash withdrawals from their pots, as well as the drawdown and annuity options and what they can expect from the state pension.
The site signposts to local advisers, The Pensions Advisory Service and the Money Advice Service. There is also a link to the Government’s guidance guarantee, despite the service not yet being launched.
Widows insists the launch of the new website is not an attempt to usurp the Government’s guidance guarantee.
Scottish Widows pensions development manager Robert Cochran says: “The new rules coming into effect in April 2015 should not change the retirement plans for the majority of our customers.
“However, there remains a lack of understanding and certainty about what the changes actually mean and how they affect individual circumstances. What we must collectively ensure does not happen is that customers rush in and make the wrong decision due to this lack of understanding.”