Fidelity International Unveils 'Plan for Life' Digital Retirement Planning and Coaching for Pension Savers

Quick Summary

Fidelity International has launched Plan for Life, a hybrid retirement planning experience for workplace pension members. The service combines digital scenario modelling with one-to-one financial coaching to help savers visualize their retirement income and bridge the gap between current savings and long-term lifestyle goals.

How Does Plan for Life Improve Retirement Planning?

Retirement planning is often hindered by a lack of clarity regarding future income. Fidelity’s new service addresses this by allowing members to build personalised plans using real-time pension data. Users can model various scenarios, such as changing contribution levels or adjusting retirement ages, to see immediate impacts on their projected pot.

• Scenario modelling for contributions and retirement age.
• Visualise income from multiple Fidelity accounts in one view.
• Actionable steps provided to improve long-term financial health.

The digital tool was successfully piloted with 1,000 members last autumn and is now being rolled out to all members via the PlanViewer platform at no additional charge.

What Role Does Financial Coaching Play in This Service?

While digital tools provide the data, financial coaching offers the human guidance necessary to navigate complex life events. Fidelity is integrating one-to-one support into the retirement planning journey, allowing members to book sessions with professional coaches to discuss specific goals and investment decisions.

• One-to-one support tailored to individual life events.
• Fully integrated with digital Plan for Life data.
• Progress tracking through follow-up appointments with the same coach.

This service is offered to employers as an optional workplace benefit, ensuring that employees have access to professional expertise when making high-stakes financial choices.

How Does This Benefit Employers and Employees?

By offering robust retirement planning tools, employers can significantly boost workplace financial wellbeing. Fidelity highlights that confident employees are more engaged and productive. The service helps the 1.7 million savers supported by Fidelity in the UK to feel more in control of their futures.

“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,” said Daniel Smith, Head of Workplace Investing Distribution, Fidelity International.

FF NEWS TAKE:

Fidelity’s move to bridge the gap between digital self-service and human advice is a significant step in the retirement planning sector. By offering the digital component for free, they are setting a new standard for pension providers. This hybrid model directly addresses the 'advice gap' in the UK, moving the needle by making professional financial guidance accessible to the mass market through workplace schemes.