Following “Pension Freedom Day” on 6 April, from which date UK pensioners were granted greater freedom to manage their retirement pot, Lloyds Bank Private Banking has launched a retirement planning service.

Lloyds Bank Private Banking has launched a retirement planning solution to help UK clients navigate their newfound pension freedoms.

In response to the recently implemented British pension reform, the bank has created a financial planning tool to offer individuals an in-depth analysis of their potential income when they retire.

“Financial planning is vital for anyone looking for a sustainable income in retirement,” said Lloyds Bank Private Banking's head of pensions policy, Richard Anderson.

“By using financial planning tools at an early stage in the process savers will have more insight and understanding of their finances not just at the point of retirement but beyond.” 

The new tool enables clients to take key factors into consideration so as to optimise their lifetime financial plan. These factors include tax impacts, longevity, income sustainability, security of income and investment risk when assessing how to generate capital and/or income tax efficiency.

Created by Voyant and customised by Lloyds Bank Private Banking, the tool seeks to give advisors the full picture of their clients' financial position so that they can recommend any changes that may need to be made.

It will also offer daily fund data from Morningstar, as well as a record of psychometric testing to enable clients to map investment portfolios to a risk level suited to them.

Wealth managers have been keeping busy making moves to expand their retirement planning capabilities as the pension reforms kick in. Standard Life, for example, this week appointed David Tiller as head of advisor propositions and strategy.