Skip to content
ADVERTISEMENT
Pensions & Retirement

People’s Pension launches regular income planning tool for members

The tool is part of a series of upgrades designed to help people manage their pension savings more sustainably in retirement.

3 min read
Share
People’s Pension launches regular income planning tool for members
ADVERTISEMENT

UK commercial master trust People’s Pension, has launched a new regular income planning tool for its members. 

The tool is part of a series of upgrades designed to help people manage their pension savings more sustainably in retirement.

From today, 5th December, eligible members can use the tool to work out what level of regular income their savings can provide. 

It is built into members’ online accounts, letting them pick either an income amount or a target duration for their income. 

Projections are based on modelling from Hymans Robertson.

ADVERTISEMENT

Members are guided through a nine-step, 15-minute process where they can plan, consolidate, and set up their regular income. 

The tool allows income adjustments for inflation, with annual checks against consumer prices index (CPI). 

Members get an updated view of how long their income is expected to last each time they log in, with alerts as their pension pot gets smaller. 

ADVERTISEMENT

The tool can be revisited and changed as members’ circumstances shift. 

Help is available by phone from the People’s Pension team through a new retirement guidance service.

ADVERTISEMENT

Kirsty Ross, proposition director at People’s Partnership, said: “As more savers move from building up their pensions to drawing them down, they need tools that make the transition easier. 

ADVERTISEMENT

“Our new tool supports members in that that shift, offering flexibility backed by clear information and modelling.

“Retirement isn’t a single moment – it’s a series of choices that evolve over time.”

Ross added: “We’ve designed this tool to help members manage those choices with confidence, giving them a clear view of how long their income could last and the flexibility to adjust as their circumstances change. 

“This latest development is about giving members practical support that fits the way real retirements unfold.”

ADVERTISEMENT

Stuart Reid, distribution director at People’s Partnership, said: “Our employer customers are increasingly aware of the duty of care they have; to support staff beyond the workplace and into retirement. 

“Financial wellbeing doesn’t stop at the point of leaving work, and helping employees make confident, sustainable decisions about their pension income is an essential part of that responsibility.

“What we have announced today helps employers feel confident that their employees are better prepared for life after work.”

Reid added: “It’s another step in strengthening the link between good workplace benefits provision and long-term financial security.”

Paul Waters, partner and head of DC markets at Hymans Robertson, said: “As the DC-only generation come to take their pension in ever greater numbers, there is a clear need for comprehensive support and guidance from providers. 

ADVERTISEMENT

“Financial advice will not be practical for some. However, with the right guidance and tooling, as the People’s Pension are delivering here, it can make a daunting moment far easier and help members maximise their income while spending sustainably.

“We are pleased to be supporting People’s Pension via our Guided Outcomes® APIs to deliver a better retirement for their seven million members.”

Related