Pension scheme members want far more flexibility from their retirement savings than can currently be provided, according to research.
A recent YouGov poll commissioned by technology firm PensionPay found that 55 to 59-year-olds want a variety of different solutions to meet their needs.
A one-size-fits-all retirement solution was no longer enough to meet savers’ later life needs, the research suggested.
The YouGov survey found that 67% of those surveyed with a defined contribution (DC) pension or self-invested personal pension would consider switching to a provider offering flexible pension access, better financial tools, and retail discounts.
Just over half (56%) said they were cautious about transferring but were open to trying fintech solutions to securely manage their pension income.
The data also found that 41% with a private pension would prefer access to their pensions on demand rather than fixed monthly payments, while 57% with a private pension said a monthly summary of their pension spend would be helpful to better manage their finances.
The research was published yesterday (1 July) and marked the launch of PensionPay, a fintech platform aiming to facilitate instant access to pension savings in retirement through a debit card or digital wallet.
Duncan Rutherford, chief executive officer of PensionPay, said: “For too long, pension providers have entirely focused on quantitative retirement metrics and not on quality of delivery for the person in retirement. This report is a wake-up call.
“Pensioners don’t want improved retirement services tomorrow – they want them now. And they’re willing to switch providers to get it…
“Too many retirees are navigating outdated systems that don’t reflect how modern retirement really works.”
