Premier has launched an online retirement service for both employers and trustees.
The web-based service, Gateway2Retirement, is aimed at helping employees understand all of their pension options, and guiding them to the right one for them, whether it is an annuity, a drawdown pension or a phased retirement.
For instance, if annuity purchase is right for the employee, the service provides a whole-market search engine where the annuity rates take into account an employee’s lifestyle, health issues and post code.
Ian Gutteridge, director at Premier, said: “Making the right decisions is vital to enjoying a comfortable retirement in later years.
“However, understanding all the options available is still something of a minefield for both employers and pension scheme members.
“We believe the service is ideally timed as the Financial Services Authority seeks to understand why less than 40% of retirees opt for the open market option in order to maximise retirement income.”