Ex-banker and IFA launch consumer retirement tool

A financial adviser and a former banker have launched a financial planning tool which projects retirement incomes.

Richard Collinson, a financier who has worked for Bankers Trust, Grindlay's and Hatfield Philips, his wife Naomi and IFA Mark Soper have launched RetireEasy, which promotes the online planning tool.

The Lifeplan tool costs £79 per year for individuals or £99 per year for couples.

It allows users to input their debts and assets and then model different financial scenarios.

Richard Collinson said: "We found it extremely difficult to formulate a figure that would give us clarity on how much we could spend in retirement without falling short.

"Once you factor in investment returns, liabilities and tax, this can be an unnecessarily complex process, which we have now provided a solution to."