Punter Southall announces the official launch today of Pension Potential, a ground-breaking digital retirement planning solution for businesses and their employees, as well as pension schemes and their members.
Pension Potential aims to revolutionise and take the complexity out of retirement planning by providing personalised financial guidance and advice to individuals, empowering them to make informed decisions about their pension and retirement options.
In light of recent data from the Financial Conduct Authority (FCA), revealing a concerning third of savers don’t take regulated advice when accessing their pension, Pension Potential steps in to address this gap[i].
Between October 2022 and March 2023, 43,366 pots entered into drawdown with no advice or guidance, equivalent to 39.1 per cent. This continues a trend of fewer people taking advice when entering drawdown.
With a focus on transparency and accessibility, Pension Potential offers clear information about retirement choices, including annuities, drawdown, cash, and mixed options. Through personalised guidance packs and an ‘all of market’ annuity search feature, individuals can confidently navigate their retirement journey.
Steve Butler, Managing Director at Pension Potential, said: “Pension Potential simplifies retirement planning; ensuring individuals can achieve their retirement goals. People can often feel overwhelmed when thinking about their retirement, but by bringing together key information all in one place, along with access to low-cost advice, people can easily understand how to achieve the retirement lifestyle they aspire to.”
Pension Potential reaffirms Punter Southall’s commitment to driving positive change in the financial services industry, making retirement planning more straightforward and accessible for all. It’s a much-needed tool at a time when the Government and FCA are taking action to improve people’s retirement outcomes.
In March 2024, the FCA conducted a thematic review to assess the quality of retirement income advice provided to consumers, which emphasised the need for robust retirement income advice. Also, the Department for Work and Pensions (DWP) published a consultation response titled ‘Helping Savers Understand Their Pension Choices: Supporting Individuals at the Point of Access’ in November 2023 which aims to empower savers by providing accessible information, personalised guidance, and transparent processes. Pension trustees also have a long-standing duty to act in their members’ best interests.
Pension Potential has a range of simple tools including online retirement and lifestyle calculators and an ‘all of market’ annuity search solution to select the best deals. It also gives access to personalised retirement recommendations with an easy to follow ‘advice journey’ which ends with a video call with a financial adviser.
For more information visit: www.pensionpotential.co.uk.