Pathlines, in collaboration with Guiide and Invesco, has launched a new tool to provide non-advised defined contribution (DC) pension savers with guided support to help them self-manage their drawdowns.

Savers will have access to a self-service guidance tool to manage their drawdown, building on Guiide's holistic planning tool, which the firm has offered to savers for the past three years.

The tool will initially be available to anyone over 50 who is not currently accessing their pension pots, and the service will later be expanded to other savers.

In particular, the firms said that they plan to launch a version for couples and said the tool has the potential to incorporate other flexible non-pension payments, such as ISA and GIA withdrawals.

Before starting, the saver must create a sustainable plan within Guiide and set out the expected withdrawals from their defined contribution pots.

After consolidating their pots with Pathlines, savers can link their Guiide cash flow plan to their Pathlines account.

Savers can then review and revise their plan for the following year and adjust if necessary.

Pathlines Pensions CEO, Christine Hallett, commented on the launch: "Pathlines is centred on helping individuals take control of their financial future by empowering them to shape their own path to retirement.

"We aim to make retirement planning more accessible, personalised, and effective. We're proud to partner with Guiide and Invesco to deliver this innovative solution for those at the very beginning of their retirement journey," she continued.

"Together, we're creating smarter, more flexible tools to support long-term financial journeys.

"Our senior team is committed to driving continued innovation, and we look forward to playing a leading role in shaping the future of the retirement planning marketplace in the months and years ahead."

Guiide chairman, Ruston Smith, said the new tool aimed to "turn the sustainable plans built into a reality as simply as possible for the non-advised."

"We hope it will be equally well received and reduce the risks of drawdown for many," he added.

Invesco EMEA head of client investment solutions, Georgina Taylor, emphasised that the firm was "delighted" to work with Guiide and Pathlines to provide the investment building blocks for their retirement offering.

"Decumulation is a core strategic objective for us as a firm, and this collaboration will be the next step in our decumulation journey," she said.

Taylor argued that working together to deliver better retirement outcomes was a "responsibility" for everyone across the financial services industry.

"Cashflow planning tools such as Guiide help play a critical role in ensuring there is a robust retirement platform in place for everyone, regardless of how they choose to access savings and retirement products," she added.

---