Annuity comparison tool launched for Smart Pension members

Smart Pension, one of the UK’s leading workplace pension providers, has selected Punter Southall’s Pension Potential annuity comparison tool to help its million-plus members maximise their retirement savings and make informed decisions about researching, comparing and buying annuities.

Smart Pension, which manages more than £4bn in assets on behalf of more than one million UK savers and provides pensions to over 70,000 employers, now offers the tool to its members to guide them through every annuity on the market and understand what it means for them personally. The Pension Potential tool launched this week.

Punter Southall developed its Pension Potential tool in anticipation of the growing demand for online solutions. In a few clicks, it lays out every annuity on the market on an individualised basis. The news comes at a time when increased interest rates have shone a brighter focus on the rising value of annuities as part of retirement planning.

Smart Pension’s defined contribution master trust, has expanded by more than 2,000 per cent over the last four years. Its technology gives members a digital-first experience and makes it easier for employers to set up a workplace pension with automated steps.

Eve Read, Senior Director of Strategic Delivery at Smart UK said:

“The nature of retirement is changing and fast. We know people want to be in control of their finances, but rising interest rates and rising costs of living are changing the landscape for many savers approaching their retirement. We are continuing to build on our award-winning retirement proposition, Smart Retire, so our members have flexibility and control in retirement, and are helped in making important decisions to ensure they are using their money in the best way.

Retirement is complex and people need help if they are to make the most of their savings. Annuities now play a more important role in retirees’ financial management and we believe it’s important to provide our members with a full market annuity broking service. We’re delighted to be partnering with Punter Southall to launch this new service to our members, so members can make the most of their well-earned retirement pots and maintain flexibility and control in retirement.”

Steve Butler, Chief Executive of Punter Southall’s Aspire business, said:

“We’re delighted that Smart Pension has recognised what we’ve developed is in harmony with their approach, the needs of their clients and the aspirations of their members.

For decades, we have strived to make pensions clearer and easier for everyone. In this case, savers can now see in seconds what a guaranteed income in retirement means for them. We are genuinely excited about sharing our know-how and creativity to help more people now and in future.”

He added that while Smart had adopted the annuity comparison tool, other features of Pension Potential took you through other retirement options such as drawdown or a hybrid approach in the same, personalised way.

The announcement comes after Punter Southall topped a competitive tender.