Red button 'could boost pensions'

Technology such as smartphone apps and TV remote controls could help savers boost their pension pots, according to a new report.

The Future Foundation think-tank looked at ways to help workers manage their retirement funds more easily ahead of the widespread introduction of automatic enrolment in October.

Its proposed solutions include a so-called "channel changer pension" which would allow savers to control their pensions using the red button on their television remotes.

The report also moots the development of a "pensions meter" app for smartphones, which would provide savers with up-to-date details about how much their pension is worth.

There may also be widespread support for using ATM machines to pay money into pension schemes, the authors said.

A survey of 1,000 workers found that almost a third (32 per cent) would be interested in a scheme which would let them deposit cheques and cash into their pensions from an ATM, or transfer funds from their bank account.

Copyright Press Association 2012