All news
Brits keen to make pension deposits at ATMs
February 21, 2012
A study has found that Britons want more flexibility when it comes to paying into their pensions.
Workers would welcome the opportunity to pay into their pensions at ATMs, a survey has found.
Researchers at the Future Foundation questioned 1,000 adults on behalf of Friends Life.
They found that one in three workers would be interested in depositing cash into their pension at an ATM, while 59 per cent would welcome the chance to check the value of their pension and expected retirement income at any time.
Almost half of respondents said they would be interested in a service that allowed them to add a small amount of money to their pension from their current account or salary at any time.
And a similar proportion want to be able to adjust the amount they save in their pension scheme each month.
Martin Palmer, head of corporate pension marketing at Friends Life, said: "The growing appetite for pension ATMs reveals a desire for people to have more opportunities to increase the amount they save.
"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."
A recent study by Nationwide Building Society revealed that 95 per cent of workers under the age of 35 do not save for their retirement, with many choosing to save towards a new home instead.
Life Insurance Policies
