Synaptic Software is planning to launch a major ‘at retirement’ tool for planners and advisers later this year which will feature cashflow modelling.

The so-far unnamed tool will provide a comprehensive suite of information covering income drawdown, annuity purchase and other retirement data required by advisers when dealing with clients approaching retirement.

Cashflow modelling will be included to allow planners to explore different retirement scenarios for clients including the impact of taking more income earlier or deferring income withdrawal until later.

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Adam Byford, managing director at Portsmouth-based Synaptic Software, said: “Our new at retirement tool will allow advisers to look at the impact of different income levels clients are trying to achieve at retirement and it will tell you what the shortfall may be.”

“It’s a market where there is little support for advisers right now.”

The new tool will model nine different asset types, look at income options in retirement and will help fill a gap in the market for a comprehensive and independent tool which advisers and planners can use easily with clients, says Synpatic.

Synaptic has been working with a number of advisers for some months to test pilot versions and iron out any bugs. The aim is to launch the new service in the second half of the year.

Synaptic Software launched a faster life assurance quotation and transaction service called Cover Me Now in March and also provides risk profiling tools and other services to advisers and planners including Synaptic Modeller and Synaptic Webline.