Fund and wealth manager Fidelity has launched a new Financial Planning and coaching service aimed at workplace pension savers called 'Plan for Life.'
It will provide Financial Planning advice along with a dedicated financial coaching service for workplace pension scheme members.
The company says the new offering will unit "innovative digital analysis" with human support to help members create a personalised financial plan
The long term aim is to help workplace savers ensure they have adequate income through retirement.
Fidelity hopes the experience will help them to prepare for "more complex financial decisions" they face later in life, adapting to their circumstances and priorities as these change.
Fidelity says that through the Plan for Life, members can:
· Build a personalised plan using their existing pension data, alongside broader savings and income assumptions
· Model different scenarios to understand how changes in contributions, retirement age or savings behaviour affect outcomes
· Receive clear steps to help improve their long-term financial position
· Adapt their plan over time as their circumstances evolve
Plan for Life was launched as a pilot last autumn, with over 1,000 members now using it. It will now be made available at no additional charge to all Fidelity members through PlanViewer, Fidelity’s workplace pension platform.
The service will allow members to visualise their income from different sources, including other Fidelity accounts, with further functionality to be added as it develops.
Alongside the digital experience, Fidelity is launching a new financial coaching service to provide members with tailored, one-to-one support. It will be made available as an additional service to those schemes which choose to offer it to members, and sessions with coaches will include a charge.
The coaching service is fully integrated with Plan for Life and members have the opportunity to schedule further appointments with the same coach.
Daniel Smith, head of workplace investing distribution at Fidelity, said: “While engagement with pensions has increased, many employees still lack the confidence to make decisions about their financial future. With millions still under-saving for retirement, there is a clear need for more personalised support.
“Plan for Life and our financial coaching service are designed to help people balance today's financial priorities with their long-term goals, giving them the confidence to adapt as their circumstances change.
“For employers, supporting financial wellbeing can improve engagement, productivity and the value employees get from their workplace benefits. Ultimately, it's about helping people feel more in control of their financial future, leading to better outcomes for both employees and employers.”
Fidelity's Global Platform Solutions business - spanning Fidelity’s Workplace Investing, Personal Investing, and Adviser Solutions platforms - supports more than 1.7 million savers in the UK.