Standard Life has launched a free service to help pension plan members plan to purchase their first home.
The new service called Homebuyer Hub was developed in collaboration with Life Moments.
In February, Phoenix Group announced the acquisition of the Standard Life brand, which was finalized in May.
Standard Life is now part of the Phoenix group.
Moments CEO and Co-Founder Ben Leonard said: “We are delighted to be able to support Standard Life in its financial wellness program and to present an innovative new proposition for employees.
“Buying a home is an important time in life and we are confident that Homebuyer Hub will support program members on their journey to home ownership in the months and years to come.”
Homebuyer Hub is available on the Standard Life app.
It has been made available to clients and members of the Standard Life pension plan on a phased-in basis.
Homebuyer Hub offers personalized advice and support to members who are considering buying their first home.
The digital home buying guide is tailored to the user’s specific circumstances.
It takes into account the user’s income, savings goals, location and time to purchase.
Homebuyer Hub also provides pension plan members with nudges, reminders and options for the next step.
It also highlights factors such as affordability and borrowing power leading to the creation of a savings plan.
This savings plan is designed to help the user secure their first home.
Gail Izat, General Manager of the Standard Life workplace, says: “Buying your first home is extremely exciting, but it can also be very complex, confusing and stressful.
“It can be fraught with potential pitfalls, but Homebuyer Hub brings all the information first-time buyers need in one place and walks them through the home buying process.
“With 67% of employees wanting more financial support from their employers, Homebuyer Hub is designed to take one of life’s biggest financial stresses out and help program members move up the property ladder to the first time.
“As pensions and real estate are important assets for many people, financial well-being at work is no longer pleasant to have, it is vital for employee engagement and productivity.
“Through Homebuyer Hub, we are providing this support to employers as we continue to expand our offering to meet the changing needs of program members.”