The UK’s largest pension payments provider Equiniti has developed a free app to help savers manage their pension pots.

New regulations have given people more options to drawdown their pension, and with the average retirement lasting 17 years, Equiniti stressed the importance of people making educated choices about managing their finances to make sure they do not run out of funds.

The RetireMe app, available from the iOS App Store, helps users calculate how long a pension pot will last if they withdraw their desired income. The app also enables savers to calculate the annual income that can be drawn from the pot given a set period of time. Both calculations take into account fully adjustable investment growth and fund charges.

Additionally, the app allows those approaching retirement to model their income options, and those who are midway through their careers to plan for the future. Likewise, it enables those already in retirement to predict future cash flows given periods of high or low withdrawals.

Richard Llambias, head of product strategy for Equiniti said: “Anybody with a defined contribution pension now has far greater freedom over how they choose to take an income or lump sum from their pension. With these greater freedoms comes the challenge of understanding how long their pension fund is going to last. RetireMe has been designed to meet this challenge. It will help people understand how long their pension fund might last them and the estimated annual income that they might expect to receive from it.”

An Android version of the app is in the pipeline, and a number of additional features are already in development.

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