Standard Life has launched an updated version of its Mixed Income Builder, a digital planning tool that seeks to support pension scheme members with understanding how to create an income in retirement that balances long-term security with financial flexibility.

The tool, which is available through the Standard Life customer dashboard and mobile app, uses members’ pension values and contribution details to create a bespoke retirement income plan.

The provider said that, by removing the need for manual data entry, it provided personalised modelling based on a member’s individual circumstances.

Alongside using Pensions UK’s Retirement Living Standards as a guide, Mixed Income Builder enables members to set a personalised essential income target, supported by an integrated budgeting tool.

Members can also explore retiring at different stages and model how drawdown can be used to bridge the gap before state pension income begins.

The tool also shows members how they can use different sources of retirement income together, including defined benefit pensions, annuities, the state pension, and drawdown.

Research from Standard Life found that 89 per cent of people want a guaranteed income in retirement, while 79 per cent wanted the flexibility to access their pension savings as their needs change over time.

“Planning a retirement income can feel daunting because people often want two things at once – the reassurance of a secure, guaranteed income and the freedom to stay flexible,” said Standard Life head of retirement proposition, Esther Hawley.

“Mixed Income Builder is designed to make those decisions easier, helping people understand what they may need to cover their essentials for life, and how a blend of guaranteed and flexible income could support the retirement they want.

“By launching Mixed Income Builder directly within our customer dashboard and mobile app, we’re making retirement planning more seamless and personal. Automatically pulling through pension details means customers can focus on exploring their options with greater confidence.”

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