Demand for ATM pension top up facility
Millions of Britons want to be able to pay into their pensions using an ATM, according to research for Friends Life.
The life and pensions provider suggest that using ATMs to allow people to deposit cheques and cash into their pensions, or transfer funds from their bank accounts, could encourage millions more to save for their old age.
The idea is one of several mooted in a report for Friends by the Future Foundation, looking at new ways of addressing the UK’s pensions black hole.
The think tank also recommends a “Channel Changer Pension”, which would enable savers to manage their retirement pots through the red button on their TV remote controls.
A third option is a “Pensions Meter”, a smartphone app that would allow users instant access to real-time information on how much their pension was worth.
Martin Palmer, head of corporate pension marketing at Friends Life, says: “The growing appetite for pension ATMs reveals a desire for people to have more opportunities to increase the amount they save.”
He adds: “Although this solution would be complex to implement, there may be some lessons here for the industry that would allow us to develop solutions that give individuals more flexibility to change their pension contributions.”
The views of more than 1,000 people across Britain, including pensions experts, were canvassed in the research and nearly a third of those in work said they would be interested in the opportunity to “deposit cash into my pension at an ATM”.
Other key findings are as follows:
59% of those in employment would be interested in a service which “allowed you to easily check the value of your pension and expected retirement income at any time”.
48% of those in employment would be interested in a service which allowed them to “add a small amount to your pension savings from your current account or salary at any time – with your employer also making a contribution”.
48% of those in employment also wanted the opportunity to “adjust up or down how much you save into a pension scheme each month”.
46% of 18 to 24-year-olds and 37% of 25 to 34-year olds would be interested in “an application that would show me how my spending habits are affecting my savings”.
Category: Banking News, Pension Product News, Savings & Investment News
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