Demand for pensions through ATMs
Millions of Britons want to be able to pay into their pensions as well as withdraw cash at a hole in the wall, according to independent research for Friends Life.
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 and help the UK avoid the looming savings crisis, according to the study.
The idea is one of several mooted in the report for Friends Life; 'Pensions- The solutions' by think tank Future Foundation into how to address the national pensions black hole.
The provider is also recommending a 'Channel Changer Pension', which would enable savers to manage their retirement pots through the red button on their TV remote controls, following research that suggested the public was ready for such technologies.
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, 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.
"The industry could also look into using the red button on their TV remote controls, effectively bringing pensions into people's living rooms. This might enable savers to investigate how additional top-ups of pensions saving would affect the overall pot - or it might even be used to make contributions from bank accounts."
The views of more than 1,000 people across Britain, including pensions experts, were canvassed for the Friends Life report, entitled "Pensions: The solutions".
Nearly a third (32%) of those in work said they would be interested in the opportunity to "deposit cash into my pension at an ATM".
Almost three in five (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".
Around half (48%) of those in employment would be interested in each of 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" and the opportunity to "adjust up or down how much you save into a pension scheme each month".
And 46% of 18-24s and 37% of 25-34s would be interested in "an application that would show me how my spending habits are affecting my savings".