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22 Feb 2012

Allow pension access through cash machines, says Friends

Around a third of consumers want to be able to contribute to their pensions via automatic teller machines (ATMs), Friends Life has said.

Consumers said they would use a facility to deposit cash and cheques or transfer funds electronically into their pensions via a hole-in-the-wall, according to Friends Life's Pensions: The Solutions report.

Friends Life also said there was demand for the ability to manage a pension pot through the red button on their TV remote controls.

Almost half of the 1,000 respondents to the survey said they would use a smartphone app showing savers real-time information on their pension balance.

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."

Rachel Dalton, IFA Online

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