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Software is aiming to show pension position

IT specialist Eurobenefits is offering software which is aimed at simplifying the pro cess of buying a personal pension for employees.

The new employee benefits management system cla ims to save time in explaining the complexities of pensions.

The software,which can be accessed on the internet, is designed for human resources departments but a spokesman believes it could be used by IFAs.

The product takes information from an individual&#39s private and company pensions, other benefits from personnel records and via a direct feed from life offices and pension providers gives a picture of where their policies stand.

It allows users to see their pension values, performance and estimated retirement benefits and calculates how much is needed to retire at a given age and income.

Eurobenefits founder and chairman Robert Paterson says: “A significant proportion of consumers will face poverty in their retirement and the vast majority will face a substantial drop in income. This solution demystifies the complex world of pension provision. Consu mers have the chance to find out the true worth of their employee and personal pensions.”

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