Wealth at Work has launched its Retirement Guidance Service, aiming to help pension schemes and employers to support members approaching retirement.

The firm noted that the Pension Schemes Act had placed greater focus on how members are supported at retirement, while recognising that signposting alone may not always be sufficient.

Furthermore, research from the Pensions Policy Institute (PPI) highlighted that members were reaching retirement with limited confidence and fragmented pension savings, and guided retirement solutions can improve decumulation options if designed correctly.

Wealth at Work’s Retirement Guidance Service seeks to provide trustees and employers with a consistent and well-governed approach.

The service is separate from regulated investment advice and focuses on member understanding and informed decision making.

The firm said this would enable trustees to maintain appropriate boundaries while giving members access to one-on-one support as they approach retirement.

Supported by digital tools and a written report, members are helped to make sense of their pensions, understand key risks such as longevity, inflation and tax, and feel more confident about future decisions.

It also aims to help members with multiple pension pots to understand whether consolidation could be beneficial.

Wealth at Work said the service would provide trustees with a practical way to demonstrate that appropriate support was in place as members moved from accumulation to decumulation, supported by governance, oversight, and reporting.

Employers will have access to a structured way to support workers through the transition, helping individuals take greater control of their retirement savings while aligning workplace support with evolving legislation.

“With new legislation placing greater focus around retirement support, providing personal guidance for members at retirement is moving rapidly up the agenda for trustees and employers,” commented Wealth at Work director, Jonathan Watts-Lay.

“Our Retirement Guidance Service is designed to meet this need; providing structured, one-to-one support for members on their retirement journey, while giving schemes and employers confidence that guidance is being delivered in a consistent, well governed and compliant way.”

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