Bermuda-based asset manager Fidelity International has launched a new retirement planning experience alongside a dedicated financial coaching service for workplace pension scheme members.
By combining easy-to-use digital planning with personalised human support, the new experience is designed to help pension savers in developing a plan for their long-term financial futures and ensure they have an adequate income through retirement. By helping them to develop and manage a plan, the experience will help them to prepare for more complex financial decisions they face later in life, adapting to their circumstances and priorities as these change.
Plan for Life is a new personalised retirement planning experience available to Fidelity workplace pension members, helping them to understand their projected pension pot at retirement and whether they are on track to achieve their desired lifestyle in later life.
Through Plan for Life, members can:
- Build a personalised plan using their existing pension data, alongside broader savings and income assumptions
- Model different scenarios to understand how changes in contributions, retirement age or savings behaviour affect outcomes
- Receive clear steps to help improve their long-term financial position
- Adapt their plan over time as their circumstances evolve
Alongside the digital experience, Fidelity is launching a new financial coaching service to provide members with tailored, one-to-one support. It will be made available as an additional service to those schemes which choose to offer it to members, and sessions with coaches will include a charge*.
Members of those schemes which choose to offer the service can book sessions with a financial coach to discuss their goals – whether planning for retirement, navigating life events or making investment decisions – before building a personalised plan including the steps needed to achieve it.
The coaching service is fully integrated with Plan for Life, allowing coaches to build on a member’s existing plan and demonstrate how financial decisions could impact future outcomes. Members have the opportunity to schedule further appointments with the same coach to support their progress over time.
Daniel Smith, Head of Workplace Investing Distribution, Fidelity International commented: “While engagement with pensions has increased, many employees still lack the confidence to make decisions about their financial future. With millions still under-saving for retirement, there is a clear need for more personalised support.
“Plan for Life and our financial coaching service are designed to help people balance today’s financial priorities with their long-term goals, giving them the confidence to adapt as their circumstances change.
“For employers, supporting financial wellbeing can improve engagement, productivity and the value employees get from their workplace benefits. Ultimately, it’s about helping people feel more in control of their financial future, leading to better outcomes for both employees and employers.”
Jeff Harris, Head of Global Platform Solutions, Fidelity International commented: “The way people plan for retirement is changing fundamentally. Longer life expectancy, economic uncertainty and evolving retirement needs mean that defined contribution savings are having to work harder than ever, reinforcing the importance of taking a long-term, personalised approach to planning.
“At the same time, we’re seeing growing demand for more tailored, technology-led services, with many savers turning to digital and AI-supported tools to help them make sense of their financial futures. We believe the best way to build confidence amongst savers is to combine these online experiences with human guidance – knitting them together to provide support at every stage of their plans.
“Through our Global Platform Solutions business – spanning Fidelity’s Workplace Investing, Personal Investing, and Adviser Solutions platforms – we support more than 1.7 million savers in the UK. Plan for Life and our financial coaching service are the latest examples of how we’re developing solutions to support the diverse needs of savers.”
