Aviva has introduced a new online income calculator to help people work out how much they might get from their income fund.

 

The company believes that, with 50 per cent of people yet to retire not understanding annuities and big variances between quotes on the market, tools are needed to find the best value.

 

Darren Dicks, head of retirement at Aviva, explained the importance of the calculator both to customers and to advisers.

 

The development of the retirement income calculator is our next step in helping people have a better understanding of their retirement and the potential income they could receive, he said.

 

For advisers, it's a resource they can suggest to customers to learn about their retirement, reducing the amount of time they may need to invest in an average £30,000 pension fund .

 

It was recently reported by unbiased.co.uk that pensions continue to be the main driver for people seeking an independent financial adviser .