This year, ‘the most radical changes to pensions for almost a century’ came into effect. As part of the changes, introduced by the Chancellor, George Osborne, anybody with a defined contribution pension now has far greater freedom over how they choose to use their pension fund.
To help those people with pension funds, Equiniti created RetireMe, an app that helps people understand how long their pension fund will last. RetireMe is designed to be a simple app that helps users quickly and easily model their retirement income, whether they choose to drawdown a regular income or choose to have even more control and drawdown on their fund whenever it suits them.
“With these greater freedoms comes the challenge of understanding how long their pension fund is going to last” said Richard Llambias, head of Product Strategy at Equiniti Pension Solutions, “RetireMe has been designed to meet this challenge. It will help people understand how long their pension fund might last them and the estimated annual income that they might expect to receive from it.”
RetireMe is now available to any person who has a pension fund, wanting to understand how the recent changes will affect their income in retirement and the options open to them.
The app allows people to run projections on how long their pension fund will last, or how much income they could receive each year until their fund either runs out, or they die. As part of this, users can change their growth rate assumptions and charge rate assumptions, helping them to understand the impact these factors can have on their retirement income.
RetireMe follows on from the highly successful Compendia Mobile Self-Serve app created by Equiniti in partnership with Mubaloo. Since launching its new self-service white label platform, Equiniti has won awards for ‘Pensions Technology Firm of the Year’ (Pensions Age), ‘Technology Provider of the Year’ (FSTech), ‘Pensions Administration Software’ (FT’s Pension and Investment Provider Awards), and ‘Pensions Technology Provider of the Year’ (European Pensions Awards).
In 2013, Equiniti set about on its mission to disrupt the pensions market by focusing on digital innovation. Two years into that, Equiniti has already seen huge improvements in user engagement, market perception and adoption of its products and services. We’re delighted to be working with a partner who is so committed to improving the ways in which it operates and the services that it offers.