Standard Life has launched a free service to help pension scheme members plan the purchase of their first property.

The new service called Homebuyer Hub has been developed in collaboration with Life Moments.

In February Phoenix Group announced it was acquiring the Standard Life brand and this completed 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 with their financial wellbeing agenda and introduce an innovative new employee proposition.

“Buying a home is a significant life moment and we are confident Homebuyer Hub will support scheme members on their journey to home ownership in the months and years ahead.”

Homebuyer Hub is available on the Standard Life app.

It has been made available to Standard Life’s pension scheme clients and members on a phased roll-out basis.

Homebuyer Hub offers personalised guidance and coaching to members considering purchasing their first home.

The digital home buying guide is tailored to the specific circumstances of the user.

It takes in account the income, savings goals, location and timeframe to purchase of the user.

Homebuyer Hub also provides pension scheme members with nudges, reminders and next step options.

It also highlights factors such as affordability and borrowing power leading to the creation of a savings plan.

This saving plan is designed to help the user secure their first home.

Standard Life workplace managing director Gail Izat says: “Buying your first home is hugely exciting but can also be highly complex, confusing and stressful.

“It can be littered with potential pitfalls but Homebuyer Hub pulls together all the information first-time buyers need into one place, and coaches them along the journey to buying their home.

“With 67% of employees wanting more financial wellness support from their employers, Homebuyer Hub is designed to remove one of the big financial stresses in life, and help scheme members get on the property ladder for the first time.

“As pensions and property are significant assets for many people, financial wellness in the workplace is no longer a nice to have, it’s vital for employee engagement and productivity.

“Through Homebuyer Hub we’re delivering this support to employers as we continue to broaden our proposition to meet the evolving needs of scheme members.”