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 Life 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 Life 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."
Lana Clements, pensions.co.uk
