Civil society organisations Life Academy and the Oddfellows have formed a partnership to deliver an all-inclusive retirement package of financial education and advice, welfare and social activities.

Life Academy and Oddfellows expect the Holistic Retirement Solutions package to benefit approximately 15,000 individuals through contact points including companies and pension plans. It will run for three years initially before a review.

Stuart Royston, chief executive of Life Academy (pictured), said the idea for the business scheme was generated following the changes in UK pension schemes which have made financial plans more complex.

The organisations decided to launch the package now as the amount of people of retirement age is expected to rise by 23 per cent by 2034.

Royston said the retirement package is meant to meet a ‘vacuum’ in the retirement and pension market following increasingly complex pension schemes and the demise of pension welfare officers within companies. He added: “Individuals have got to be the beneficiaries.”

Costs for the bespoke package will depend on individual requirements. It will include a benefits assessment which aims to help people determine what retirement benefits they are entitled to.

Mutual not-for-profit friendly society the Oddfellows provides care, advice and support for its members during and after the retirement process.

Life Academy, a registered charity, was set up to help people understand and manage financial changes in their life through life and retirement planning and financial education.