Making retirement income choices simpler through PlanViewer

Retirement is no longer a single event or decision. For many people it is a series of choices: when to start taking pension savings, how much income to draw, how long those savings may need to last and when to adjust plans as circumstances change.

That is why Fidelity is digitising more of the PlanViewer retirement journey so members can move from understanding their options to taking action in one connected online experience. For employers and trustees, Fidelity’s digitisation of these journeys strengthens the support available at a critical point in the member experience. It provides practical, scalable help while maintaining clear boundaries between guidance and financial advice. Initially, these developments are for eligible members in Master Trust or contract-based workplace pension schemes; own trust schemes are not currently in scope.

Turning complex retirement choices into a clearer digital journey

Our aim is to make the process easier for members, not just move it online. Seeing what different withdrawal choices could mean for their pension savings before setting up income can help them make better-informed decisions.

Within PlanViewer, eligible members will be able to explore different income approaches using the retirement income planner tool and use the resulting projections to inform the amount they select in the regular income journey. Members who already know what they want to do can move directly to setting up income online. This creates a more joined-up route from exploring a choice to acting on it.

Helping members understand the impact of their choices

Members often begin planning for retirement well before they want to start taking income. That's why the retirement income planner tool is available to members aged 40 and over, helping them explore how much income their Fidelity workplace pension might provide and how long it could last. Members can start taking pension income when they reach the applicable minimum pension age, subject to their individual eligibility.

Members can model three flexible approaches:

• a fixed income amount
• an income designed to cover a chosen timeframe
• a fixed percentage of their pension savings

Interactive projections show how changing the amount, percentage or timeframe could affect the income taken and the pension balance remaining. By comparing scenarios online, members can see the trade-offs more clearly before they act, rather than viewing an income figure in isolation.

Making regular income easier to set up and manage

Once a member has considered their options, the regular income journey is designed to make the next step more straightforward. Eligible members will be able to set up and manage regular pension income online through PlanViewer, choosing an income level that reflects their own needs and circumstances.

The retirement income planner tool will be integrated with the regular income journey, helping members use the projections to inform their income setup. If a member needs help, Client Services can point them to the online journeys and explain the general information available, but they cannot recommend withdrawal amounts, guide members through their income choices or provide financial advice.

A more connected route through retirement

Together, these developments are intended to reduce the gap between thinking about retirement income and taking action. They add value in three ways:

• Clarity: members can see the potential effect of different withdrawal choices in a visual, interactive way.
• Control: members remain responsible for their decisions and can progress through the digital journey at a pace that suits them.
• Connection: planning and income setup sit within a more joined-up PlanViewer experience, supported by clear information and access to further help.

This matters because better retirement outcomes are shaped not only by how much people save, but also by the choices they make when turning those savings into income. Digital journeys cannot remove every uncertainty, but they can make complex choices easier to understand and help members approach them with greater confidence.

What this means for employers and trustees

For employers and trustees, these developments strengthen support for eligible members approaching and moving through retirement. The initial scope is Master Trust and contract-based schemes. Own trust schemes are currently outside the scope of both journeys and should be discussed separately with your Relationship Director.

These journeys are part of wider ongoing work to evolve the PlanViewer retirement experience, making it easier for members to understand their options, navigate decisions and manage their retirement savings online.

Further updates on our wider Guided Retirement proposition, including the next developments for more personalised planning experiences and managed retirement income solutions, will be shared with employers and trustees through their Fidelity Relationship Director as plans are confirmed.

What happens next

Speak to your Fidelity Relationship Director to understand what the new retirement income journeys mean for your scheme, and to discuss the wider PlanViewer retirement experience.