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Key Retirement expands pension freedoms drive with online support

24 June 2015

  • New free service tackles savers' pension freedom confusion 
  • Report is delivered in minutes and outlines all options

Key Retirement, the leading over-55s financial specialist, is helping address the confusion among savers on pension freedoms with the launch of one of the first free personalised online services outlining all the new retirement options.

Its Retirement Options service enables savers to better understand their options so that they are better placed for the next stage of engagement with a Key retirement planning expert.

The service launched in February but the report was initially only available through speaking to a specialist. Key has now further enhanced the service after testing so that customers can save time by filling in details online and then have access to the report themselves. They can then arrange a convenient time to discuss in more detail after analysing the data.

It is particularly aimed at people who, in the lead up to retirement, struggle to find the time to research their options but increasingly need support following the launch of pension freedoms. The report is not positioned to detract from Pension Wise but rather to build on the generics of the new Government guidance.

Market analysis* following the launch of pension freedoms shows customers are struggling to find the time to research their options following the initial rush to cash in funds - providers say customers are now more likely to have consulted Pension Wise before discussing their options.

Key's service, which takes only a few minutes to complete and delivers real figures across the range of options, offers a free personalised Retirement Options Report for all customers outlining all their options and highlighting the risks and relevance of each.

It aims to enhance understanding of the range of options available as well as increasing savers' understanding and leading onto regulated advice or non-advised sales where appropriate.

 Dean Mirfin, technical director at Key Retirement, said: "The early indication from the launch of pension freedoms is that the pendulum is swinging towards advice and guidance, and our Retirement Options service is aimed at supporting that through enhancing consumer knowledge.

"The expansion of options and increased flexibility means retirement savers are increasingly on their own when it comes to making choices and need more support.

"The Retirement Options Report is very much the start of the journey. Customers can then discuss their options in greater detail with a Retirement Options specialist at Key which ultimately can lead to financial advice if required."

Retirement savers can access the service at online or call 0808 156 2693.