Owners of an iPhone have been encouraged to make use of a free new app, which aims to help them understand their retirement income options.
Equiniti has created the RetireMe app and said it was developed in response to the way savers have reacted to new pensions freedoms. The aim is to educate them about their choices and to help them accurately calculate how long their pension pot will last so they don't run out of money, the firm said.

There is no Android version of the app as yet, though the company said this was something it has planned. Features on the app, which can be downloaded via iTunes, include allowing retirees to predict future cash flows given periods of high or low withdrawals.

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Equiniti described it as enabling savers to calculate the annual income that can be drawn from the pot given a set period of time, with both calculations taking into account fully adjustable investment growth and fund charges.

Richard Llambias, head of product strategy for Equiniti, said: “Anybody with a defined contribution pension now has far greater freedom over how they choose to take an income or lump sum from their pension.

“With these greater freedoms comes the challenge of understanding how long their pension fund is going to last. RetireMe has been designed to meet this challenge. It will help people understand how long their pension fund might last them and the estimated annual income that they might expect to receive from it.”