Standard Life has launched an enhanced version of its Mixed Income Builder to make retirement planning “more seamless and personal.”
The digital planning tool is designed to help savers understand how to create an income in retirement that balances long-term security with financial flexibility.
Standard Life said the new version now integrates directly with customer’s pension details, removing the need for manual data entry and providing tailored modelling based on a customer’s individual circumstances.
In addition to using the Pensions UK Retirement Living Standards as a guide, the enhanced functionality allows customers to set a personalised essential income target to help them understand how much guaranteed income they will need to cover essential living costs in retirement.
The tool, available through the Standard Life customer dashboard and mobile app, also enables customers to explore the impact of retiring at different ages and model how drawdown could be used to bridge the gap before state pension income starts.
Customers can see how different sources of retirement income could work together, including the State Pension, defined benefit pensions, annuities and drawdown.
Esther Hawley, head of retirement proposition at Standard Life, said: “Planning a retirement income can feel daunting because people often want two things at once – the reassurance of a secure, guaranteed income and the freedom to stay flexible.
“By launching Mixed Income Builder directly within our customer dashboard and mobile app, we’re making retirement planning more seamless and personal. Automatically pulling through pension details means customers can focus on exploring their options with greater confidence.”
