Standard Life unveils new digital pension planning tool

Standard Life has introduced an updated version of its Mixed Income Builder, a digital planning tool aimed at helping pension scheme members shape retirement income that blends long‑term security with flexibility.

How the tool works

The revised Mixed Income Builder is accessible through the provider’s customer dashboard and mobile app. It draws directly from members’ pension balances and contribution records, eliminating the need for manual data entry.

By automatically pulling this information, the tool creates a personalized retirement income model that reflects each member’s circumstances. Using the data, the system generates a bespoke plan that lets users set an essential income target. An integrated budgeting feature supports this target, and the tool follows Pensions UK’s Retirement Living Standards as a reference point. Members can also simulate retiring at various ages, seeing how drawdown might fill the gap before the state pension begins.

Combining income sources

Mixed Income Builder illustrates how different retirement income streams can work together. It includes defined benefit pensions, annuities, the state pension, and drawdown options. By presenting these components side by side, the tool helps users understand the impact of combining guaranteed and flexible income sources.

Standard Life’s research indicates that 89 percent of people prefer a guaranteed income in retirement, while 79 percent value the ability to adjust access to their savings as needs evolve. The updated tool addresses both preferences by offering a clear view of essential income needs and the flexibility to adapt.

“Planning a retirement income can feel daunting because people often want two things at once – the reassurance of a secure, guaranteed income and the freedom to stay flexible,” said Esther Hawley, head of retirement proposition at Standard Life. “Mixed Income Builder is designed to make those decisions easier, helping people understand what they may need to cover their essentials for life, and how a blend of guaranteed and flexible income could support the retirement they want.”

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By embedding the tool directly in the existing digital interfaces, the firm aims to make retirement planning more personal. “By launching Mixed Income Builder within our customer dashboard and mobile app, we’re making retirement planning more seamless,” Hawley added.

For many members, the shift from paper‑based calculations to an automated platform could change how they approach retirement. Instead of juggling spreadsheets, users now have a single place to test different scenarios, which may reduce the likelihood of overlooking an important income source.

The tool also offers a budgeting component that aligns with the essential income target. Users can input estimated living costs, and the system will suggest how much drawdown might be needed to meet those expenses while preserving a core guaranteed income.

This feature may help retirees avoid over‑drawing early, a risk that can erode long‑term savings.

The updated Mixed Income Builder reflects broader industry trends toward digital self‑service solutions. While the provider has not disclosed adoption numbers, the emphasis on automatic data integration suggests an effort to reduce friction and improve user confidence.

Overall, the new version provides a clearer pathway for pension savers to visualize how different income elements fit together. By automating data collection and offering scenario modeling, the tool strives to meet the dual desire for security and flexibility that many retirees express.