Workplace pension provider TPT Retirement Solutions has launched a DC decumulation product, which it said has been designed to simplify retirement income planning for savers.

It calculates and pays regular drawdown payments, managing the level of withdrawals so that a member’s pot lasts for their lifetime, TPT said.

The pot is designed to last for a lifetime to age 95, or until age 75 if the member is planning to buy a guaranteed income annuity in later life.

TPT said it developed the product in response to its research last year that showed that just 35% of pension savers felt confident making basic retirement decisions, such as how to access their pension.

Despite the uncertainty, 79% did not plan to seek professional financial advice. Significantly, 68% of respondents said they were interested in a default drawdown-style product, highlighting strong demand for guided, automated solutions, the firm said.

The new DC solution is in addition to TPT’s DB and upcoming collective defined contribution (CDC) schemes to provide employers and members with a range of lifelong income options.

Philip Smith, DC director at TPT, said: “The lack of confidence among pension savers in making retirement decisions, coupled with an aversion to or the affordability of taking financial advice, creates significant risk for individuals’ financial futures.

“Our new product aims to bridge the gap. By offering a default pathway into drawdown, backed by digital tools and flexible options, we’re empowering members to make informed, confident decisions without needing to become financial experts.”