Technology offers solution to boosting pensions

| February 23, 2012 | 0 Comments
Technology offers solution to boosting pensions

The Future Foundation think tank suggests that everyday technology such as a TV remote control or an ATM could be used by savers to top up their pension pots.

In its ‘Pensions – The Solutions’ report, produced for insurance provider Friends Life, the Future Foundation says that technology could make it much easier for people to set money aside for their old age.

The think tank’s suggestions include upgrading ATMs so that consumers can use the cash machines to pay money into their pensions, and making it possible for savings to be managed vial the red button on a TV remote control.

Savers would be able to check the effect of pension top ups on their final pension pot via the red button service and might be able to make contributions directly from their bank accounts.

Martin Palmer, head of corporate pension marketing at Friends Life, said: “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 Future Foundation also suggests a smartphone ‘pensions meter’ which would provide users with real-time information on the value of their retirement savings.

The think tank canvassed 1,000 people in Britain and found that 59 per cent of those in employment would be interested in a service which allowed them to check the value of their pension, while 32 per cent would be interested in depositing cash into their pension at an ATM.

The Future Foundation specialises in identifying and forecasting social and consumer trends and assessing how they will affect markets, services, brands and products.

Its clients include fast moving consumer goods brands, media buyers and owners, digital media and technology, agencies, financial services, retailers, charities, automotive, leisure, property and Government departments.

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