Current Testing
Within the next week, we will contact people who previously helped with testing to meet regulatory requirements. This will cover two additional pages. These pages link our plans to a new product called GuiidePath.
This is our collaboration with the Pathlines SIPP. We hope this brings something completely unique for those at, or near retirement.
GuiidePath will pay your lump sum and monthly income payments from your Guiide plan automatically when you retire. It will also allow you to track its progress easily and adjust your plan when needed. Finally, it will show you how many of your payments rely on more risky growth funds and investment returns to give you a better idea of the investment risk involved.
It has been confirmed that all this individual support can be provided through our unique guidance approach. This is without crossing the boundary into advice. Once we have undertaken final user understanding testing and have regulatory sign off, we will extend this to include partners income. This will first be available within in our modelling and eventually as a feature of GuiidePath also. Many more details on both will be coming soon.
GuiidePath will not be the right solution for everyone. Given this, we have added some alternatives to the site in new updates to help our users, depending on what they want.
If you want Advice
As stated GuiidePath is not an advised product. It cannot give you a recommendation on where to invest your money, or if it is a suitable product for you. You must decide both of those for yourself.
We realise that many people may want an actual recommendation on these based on their plan built within Guiide. They may also want added advice around tax (especially if there may be inheritance tax issues). Given this, we are providing a new service in the site.
Have under £250K in pots?
For those with under £250K advice can be very hard to find. LV= are a well-known nationwide adviser team who will advise all Guiide users with under £250K in pensions and savings. They can also provide advice on equity release if this is needed to support your retirement income. You can visit their retirement advice site by clicking the image below.
Have over £250K in pots?
For those with more than £250K finding advice is easier. However, many don’t know where to look. While most meetings can be done online these days, if you need a face-to-face meeting, an adviser in your geographical region is better. A local adviser also can better understand regional living costs.
We have undertaken some checks on advisers in a range of UK regions. This is quite widespread at present. We can narrow this further and add more advisers if there is interest in this. These checks we undertake include that they have their necessary advice permissions, their pricing is in line with the market and it appears their processes put the customer first.
Before advice, we can provide your Guiide plan on an anonymous basis to an adviser in your region if you would like us to. If they feel they can help based on this plan, we can provide your details for them to contact you if you wish.
After advice we can follow up with you if wanted to understand if you were happy with the process and feed back any complaints, issues or compliments to the adviser based on your experience.
Below is a screenshot of our new page for those with over £250K in total pots. This can be accessed by logging into Guiide. Just click here.
Once in, just visit the Dashboard page and view the Adviser page on the left hand side menu. Select your region from the dropdown to find an adviser.
If you want to choose from a Wide Investment Range
GuiidePath will only offer a limited range of investment choices. A low cost Money fund, an Income fund and a low cost Growth fund. The balance between these will be your choice after considering the risks involved, which we will illustrate based on your plan. GuiidePath is designed to be simple in conjunction with a Guiide plan.
Some people won’t want this simple approach. They will prefer (and be confident enough) to choose from a wide investment universe. This is what Interactive Investor provides. They have an investment range including tracker and active funds over many different asset classes and individual shares, bonds and gilts. They also have a fixed price monthly fee which appears very low as a percentage of assets if you have larger pots.
If DIY feels the right choice for you and you are confident investor, you can discover more on their investment range and fees by clicking on the image below
If you want some Guaranteed Income
For many, some Guaranteed income may be the right choice. If you have taken tax free cash already, or plan to, you may wish to use some of your remaining pot to buy some annual income which is fully guaranteed. This can be done by buying an annuity.
If you get a quote, then you can back to Guiide and model it. Just reduce your pension pot by the amount of any purchase and add the income the annuity provides into the Other Income section of the Haves page. You can then decide if it seems right for you. If you do make a purchase, that income can stay in there for future modelling.
Currently, as interest rates have been increasing recently, pricing is the best it has been for a very long time.
Retirement Line are the UK’s largest annuity broker and can provide quotes on lots of different types of annuities. With/without increases. Single/joint life and even temporary annuities (so some income to State Pension Age for example).
In addition, by getting to know your health situation better they can look to find you the best price from the whole market. Without any information, annuity providers assume you are in perfect health. This means worse pricing, so always best to provide what you can. To get an accurate quote just click the image below.
Some other smaller updates
If you have gone past your expected retirement date since you last logged in and the system may think you have retired if you click the wrong answer by mistake. If you do, you can now change this yourself so it knows you haven’t in the settings in the You page.
We have added Living as a retirement standard in the Wants page. This is based on the Living wage and should really be considered a Minimum level for anyone who needs to continue to rent in retirement. The Minimum (and other standards) all assume you have no housing costs.
If you have any question at all, please contact us at contact@guiide.co.uk.
To be clear Guiide has commercial relationships with every entity above. That is how we can provide our site for free to everyone. They may license a version of our model, or pay us a referral fee if you choose their services or products. This does not affect any cost of advice, or price of any annuity or product provided to you
Information and calculations provided by this website are intended as guidance only to assist your retirement planning and does not in any way constitute financial advice in any form. Bespoke Retirements Ltd trading as Guiide (Company number SC463898) is authorised and regulated by the Financial Conduct Authority. Firm Reference Number (FRN) is 1031526.
