Depositing
to a pension through an ATM is one of a number of ideas that have been put
forward as a means of helping people to save. Read what else was suggested
here.
By Lana
Clements
Millions
enjoy the convenience of accessing money on the go, but now people want the
hole in the wall to act as a means of paying into a pension, according to a
report by the think tank Future Foundation.
A third of
Brits questioned said they are interested in the option of paying cheques and
cash directly into retirement funds from banks accounts. The pension provider
Friends Provident commissioned the report and said this could encourage people
to save for old age.
Another
idea, albeit slightly more off the wall, is a 'Channel Changer Pension' that
would allow people to access a pension through the red button on their TV
remotes. The report suggest savers are ready for this kind of technological
advancement.
Three out
of five of those surveyed said they would be interested in a service that
allows people to check the value of their pension and expected retirement
income.
In
response, Friends Provident said a smartphone app is another possibility.
Dubbed the Pensions Meter, it would let people easily and conveniently access
up-to-date information.
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.
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."
He added:
"The industry could also look into using the red button on their TV remote
controls, effectively bringing pensions into people's living rooms."
