Retirement Pathfinder allows advisers to model different scenarios for clients who want to use drawdown, guaranteed income products or a combination of both.
The tools is part of the company’s Retirement Account launched in response to pensions freedom.
The provider neutral modelling tool gives advisers the chance to project likely outcomes for different blended retirement options.
Advisers will be able to project how long a client’s money will last, how long the client will be expected to live, and which type of product or combination of products might be most appropriate.
It also allows advisers to create a retirement options report for clients based on the level of income they want to achieve, mapping in flexibilities or guarantees and tailored to their risk appetite and tax position.
It is also launching Retirement View, an online quote and application service for LV= policies.
The company said a survey of advisers found 72% had clients who were considering taking a selection of different retirement income products.
LV= will also be providing suitability letter templates and guides that advisers can use with their clients.
Life and pensions managing director Richard Rowney said: “Clients approaching retirement will soon have even greater choice as to how they take an income from their pension.
“We have created a proposition that will help advisers clearly demonstrate the pension changes and the opportunities that they present their clients, and make it quick and easy for advisers to purchase the right solutions on their behalf.
“Prior to the Budget we were already seeing advisers blending solutions in order to achieve a level of income flexibility and a guaranteed element for their client.
“We believe that the new pension freedoms will result in even greater demand as more advisers seek to combine solutions to achieve a tailored income option for their clients.”
Retirement Pathfinder is available now. Retirement View service will be available to use from 7 April, the first working day of the pension reforms.