Fintech solutions such as online platforms and calculators could play an imperative role in helping mitigate savers' risks in the decumulation stage of their pension saving.

In a panel discussion at the PLSA 2019 Annual Conference, industry experts explained that fintech could play a more important role in the decumulation stage than the accumulation phase.

In response to an audience question, Aviva pensions proposition manager, Stephen Jackson said: “To some extent, fintech is more important in the decumulation stage than the accumulation.

“Because members are exposed to real [important decisions] it's so difficult to make sense of those options, particularly in a workplace environment.”

Evalue product director, Tim Jablonski, added that he believed the lack of fintech available for the decumulation phase was “a real problem”.

He continued: “People aren't really given a good idea of the risk involved in decumulation, even measurements of funds that people are in.”

Jablonski believed that more could be done to effectively communicate the risks associated with pension savings post-retirement.

“If you want to talk about risk in terms of decumulation, I don't think they've been constructed well for decumulation I don't think they've been communicated well,” he added.

“I think there's a lot more that we can do.”

Smart Pension head of technology product, Martin Freeman, concluded: “You can get a far richer experience online than you can do by giving them a massive brochure.

“I think that we can absolutely do it online.”

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