Cambridge-headquartered Socius Technologies has launched retirement income platform Spero.
Spero is an acronym for “Systematic platform for enhanced retirement outcomes” and represents a significant shift in terms of the options offered to individuals to provide an income in retirement.
It will be suited for insurance and pension providers, wealth managers, and advisers who service the needs of individuals approaching and in retirement.
The platform has been designed in response to changes in the pension landscape in the UK, as well as Europe, the US and Australia. Regulations have given individuals more choices in retirement, such as pension freedoms in Britain, removing the requirement to buy an annuity and introduced income drawdown as an alternative.
The Spero platform provides strategies to optimise each investor’s retirement income and legacy benefits. It determines how each investor’s portfolio and the income they receive must change over time. The allocation and income they receive are adjusted in response to changing market conditions to meet their retirement income and legacy goals while ensuring they have sufficient income to provide for their needs.
David Macdonald, chief executive of Socius Technologies Group, said: “We are delighted to bring this new innovation to the market and look forward to working with providers to deliver enhanced retirement outcomes for individuals.”
