A Compare the Market style web-based service called Pension Monster, aimed at younger investors, will launch this year.

Selectapension told Financial Planning Today that its new creation, designed to capture those at the lower end of the market, would not be a robo-adviser as such, as it had been reported in the media previously. It will not be authorised to give advice.

Peter Bradshaw, national accounts director for Selectapension, said: “We’d almost want to move away from calling it a robo-service and call it a ‘techno-solution for advisers’.”

It has been designed for pre and at retirement planning for those with “simpler needs, smaller pots”.

Mr Bradshaw said: “It will be an add on for advisers to pass on to clients, part of their service as a website. It’s for the consumer to use, it’s just a case of distribution. The idea is to roll it out through our existing user base of about 4,500 subscriber firms, some of which will be Paraplanners.”

He said: “There’s an element of guidance, it’s a little like a pension version of Compare The Market. It will be a bit more detailed than Compare The Market but the intention is to get people thinking about their expectations in retirement.

“The attraction will be for the younger generation with less sophisticated needs who are more tech savvy to use a bit of kit like that.”

Mr Bradshaw added: “We’ve tested the water and we’ve got the green light from some of the bigger providers. It’s not a threat to them, but an additional service capturing people at the lower end of the market.”

Users will be shown a simple list of their retirement and savings options, with details on state pension and a snapshot of basic products that would match their requirements. They will be able to look at a league table of products and providers with AKG star ratings.

Among the tools that Pension Monster will provide is a budget planner and at the end of the process users will get a printed report.

Mr Bradshaw said: “If you’ve got an idea about what you need in retirement you can put that in there with your assets, ISAs, savings, investments, monthly income.”

The company is weighing up ways it could extend the service to go more direct to consumers – at a later stage. It could be a service provided to employers – who might be able to use it on their intranet, Mr Bradshaw explained, although he stressed these were just thoughts rather than plans at this stage.

It is expected to launch in Q3.