Auto-enrolment robo guidance service launches

Portus Consulting's solution includes its 'moneygym' service which enables users to track retirement savings including private and State pensions as well as other investments including property. They can then see their predicted long term income, and model changes to alter the outcome.

Employees can use the portal to outline scenarios on increasing pension contributions, for instance, and the impact on how they decide to take retirement income. They can also retain access to the service if they leave their job.

The system sends alerts to users when they are close to exceeding annual pension contribution allowances, enabling them to avoid potential tax charges.

A virtual assistant will also provide guidance on all aspects of retirement planning including tax and regulation.

Portus estimates around 80% of employees will be able to make retirement planning decisions based on the Virtual Assistant guidance.

Portus Consulting Commercial Director, Steve Watson, said: “Independent financial advice is valuable for some people, but the majority of employees cannot afford it.

“Financial guidance does not have to be complicated, and it should not involve throwing every aspect of retirement planning at users and leaving it up to them to make complex decisions.

“The aims of the Virtual Assistant and moneygym are to increase engagement with pensions and other investments, and to enable employees to see all their assets in one place and plan their retirement with everything in view.”