UK - Alexander Forbes Financial Services has launched an online pensions calculator to show final salary and money purchase scheme members their full retirement income prospects.
Alexander Forbes claims the site – www.retireontarget.com – is the first publicly available online tool that includes current pension savings, state pension entitlements and the cash value of previous schemes.
Marketing director David Marlow said that unlike other online pension targeting models provided by advisers and product providers, which only calculate the future projection of DC savings, the website calculates the value of existing arrangements and state benefits to give a more accurate assessment of retirement income.
He said: “This is the only freely available online system to give consumers a real and full picture of their full retirement prospects including state pension, historic pension savings and current pension schemes.
“It is effective for anyone using personal pensions and employer-sponsored savings schemes.”
The People's Pension, Atlas Master Trust and The Cheviot Trust have been granted authorisation from The Pensions Regulator (TPR), taking the total number of authorised master trusts to 18.
Pension schemes have been warned they may now face a more challenging legal test if they wish to fix drafting errors.
The Greene King Pension Scheme has appointed XPS Pensions as its actuarial and investment adviser following a competitive tender process.
Professional Pensions has compiled a list charting the progress of master trust authorisation. View our list in full here...