Some of the largest UK pension providers have signed a deal with Hymans Robertson to deliver a defined ambition platform to their defined contribution scheme members.

Zurich UK life, Friends Life and Legal & General have partnered with the consultancy firm to integrate Guided Outcomes, a form of DA launched in 2013, with each of their administration systems.

GO enables employees to set a target income requirement for retirement and gain access to data on their DC savings to better understand whether their retirement saving is on track.

Hymans Robertson partner James Verner said following the Budget, workers “need to know” what target pension pot they’re saving for and how to achieve that goal.

“Employers value this approach to managing their DC scheme, providing employees with a simple and engaging way to save for retirement. By building the important integration points between GO and the providers’ systems, we can ensure that employees can base decisions on up to date and accurate information,” Verner said.

“The next challenge is to help savers understand how to spend their pots most effectively in retirement, without running the risk of spending all of their lifetime savings too early.”

Friends Life managing director of workplace and intermediated business Colin Williams added that "new technology innovations which improve outcomes for customers in retirement by providing clarity and support are always welcome.”

“We hope that by integrating our systems with GO our customers will increase their engagement with long term savings."

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