An online pension calculator has been launched by the Association of British Insurers (ABI) and it will be available to employers on the Pensions Advisory Service website.
The new utility will allow bosses and human resource executives across the country to get a better grip on their auto enrollment provision, which was recently made mandatory by a new law from the coalition government.
Industry and stakeholder support was given in the creation of the calculator, which it is hoped will simplify the relatively complex process involved in arranging pensions for employees.
Steve Gay, director of life, savings and protection at the ABI, said: “The availability of the pension calculator will help employers to choose pension schemes that provide value for money for their employees, which will in turn raise confidence in pensions and encourage people to save.”
The coalition’s minister for pensions, Steve Webb, agreed with Mr Gay’s conclusion and added the best way for executives to secure a better retirement for their staff members is by making use of the new calculator.