Standard Life has launched a retirement income calculator on its website. The Retirement Planner provides an individualized report on whether someone is saving enough and, if not, how much more they need to save. It is available to both existing and potential customers.
Standard Life says that while the Retirement Planner uses pre-set assumptions such as target income and preferred retirement age, these can be altered to allow a more personalized income forecast. Users can print the information or send an email direct from within the planner to their financial adviser or employer.
The tool is part of a wider re-design of online services available to Standard Life customers. The website is being revamped for easier navigation of services such as obtaining online fund valuations and updating their personal details.
Standard Life says the design of the Retirement Planner has already attracted third-party approval from the Financial Technology Research Center (FTRC), an independent consultancy specializing in e-commerce evaluation.