Smartphone-friendly pension management desired

More and more people would like to use technology on their smartphones to manage and access their pensions, according to a new study.

Research commissioned by Saxo Bank and delivered by YouGov found that more than two-thirds of individuals would benefit from this kind of service.

The paper noted how 50 per cent of respondents were keen to have even greater transparency over their pension finances.

Close to 70 per cent said that they want to have data pertaining to their pension available in real-time and accessible anywhere (which is possible through smartphones).

“People are taking control of their investments and our survey shows that the numbers could be even greater, with 44 percent of investors believing easier access to trading will make them save and invest more," Saxo vice president Matteo Cassina was quoted by Reuters as saying.

"We are at a tipping point of a digital wealth management revolution that will find most retail and private banks unprepared."

This is just the latest example of how technology is transforming the ways we do things. Smartphones are at the forefront of much of this because they are proving to be increasingly versatile.

In the UK, as of April 2015, people have even more freedom to effectively do what they want with their pensions when they turn 55.

The biggest change is that the entire pension pot can be withdrawn, of which the first 25 per cent is tax-free.

Other options available include turning it into a income that lasts you the rest of your life. This is known as an annuity.ADNFCR-2155-ID-801791873-ADNFCR

Written by Mazuma

Mazuma Mobile is the UK's most trusted mobile phone recycling service.

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