Digital retirement planning and financial wellness service launched

5 April 2022

HUB Group has launched a new digital retirement planning and financial wellness service for employers and pension scheme trustees.

Pension Buddy is designed to help those aged 45 and over start to think about and visualise their life after work in order to encourage greater engagement with pension saving and planning.

The interactive tool asks a few simple questions to create a personalized suite of bite-sized information tailored to the individual’s level of knowledge and specific interests about the retirement planning process.

Employees are then taken through the information step-by-step, including information around how much money they might need in retirement, how much they should pay into the pension, how tax works on retirement incomes as well as long term care.

HUB Group, the corporate and advisory subsidiary of Just Group, said the service also includes a retirement health check calculator, designed to help people understand how financially fit they are or life after work. It provides an estimate of how much the individual’s pension savings will be worth in the future and compares it to what they feel they will need to live comfortably in retirement.

Stephen Lowe, group communications director at Just Group, said: “We are to make Pension Buddy available as part of our employee benefits service. Financial wellness is an issue employers are increasingly addressing as they recognise the opportunity and responsibility they have to support their employees.

“Financial confidence is closely linked to mental wellbeing and productivity in the workplace and initiatives that promote greater financial wellness will soon become a must-have for employers as part of their benefits and reward strategy.

“Pension Buddy is a powerful tool that gets over 45s thinking about retirement, fills gaps in their knowledge and by providing a retirement health check helps them understand what steps they need to take to improve their retirement income before they give up full time work.”

Professional Paraplanner