Selectapension has released a new retirement income modeller feature for its Defined Benefit and Flexible Retirement Optimiser tools.

The pension software firm said there were two versions which both “give advisers and Paraplanners a more flexible and comprehensive way to model different retirement income scenarios for their clients, taking into account all pensions, assets and savings.” This could include ISAs, collectives, bonds, annuities, State Pension and other guaranteed incomes.

Andy McCabe, managing director, Selectapension said: “The Income Modeller will give advisers the tools to demonstrate whether there is a simpler and more straightforward way for their client to achieve their goals, without losing the many benefits provided with a Defined Benefit pension.”

In the Defined Benefit version, advisers can demonstrate whether the client can achieve their goals using their other pensions, savings and assets without losing the guarantees of a Defined Benefit pension, the company said.

Mr McCabe said: “We recognise that retirement planning is an increasingly complex area and there are concerns in the market about the rise in Defined Benefit transfers, especially when many people have other accessible pensions and savings at their fingertips.”

Selectapension Bureau Services (SBS), part of Selectapension, suspended DB pension transfers last year following an FCA audit. Its DB partner which carried out the transfer analysis - CFP Management Limited - decided to withdraw from the market, meaning SBS suspended carrying out transfers indefinitely from November.