Hargreaves Lansdown has rolled out a new low-cost retirement planning service to fill the advice gap.

The new service aims to bridge the gap between full financial advice and the information provided by Pension Wise, the UK’s government’s free, retirement guidance service.

Available at a flat fee of £395 plus VAT, the proposition will show customers their retirement income options and tax position, though it will not offer specific personal recommendations.

Contrary to Pension Wise, the service will show customers the way to do their own transactions.

The service will help customers understand the risks of drawdown, need for contingencies, offer guidance on sustainable income, and show customers where to go and how to convert their pension into income.

It will incorporate cashflow planning tools to enable consumers calculate income requirements, and an annuity calculator to help them if they intend to convert their pension.

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By GlobalData

Hargreaves Lansdown Head of pensions research Tom McPhail remarked: "The HL Retirement Planning Service takes investors a stage further than Pension Wise, walking them through the issues they need to consider when setting up their retirement income."