Call for pension pots to be smartphone app friendly

 
Jessica Morris
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People want more transparency over how their pension is invested (Source: Getty)

Individuals should be able to stay on top of how their pension pots are invested using a smartphone app, according to a survey by pollster YouGov for Saxo Bank.

The survey showed over 50 per cent of respondents want more transparency on their investments, while nearly 70 per cent want to be able to check up on their pension's performance real time, on the go.

Additionally nearly 20 per cent of the 300 UK retail investors surveyed said they had no idea where their pension pot was being invested.

Read more: Don’t let the politicians mess up your pension

"We are at a tipping point of a digital wealth management revolution that will find most retail and private banks unprepared," Matteo Cassina, vice president at Saxo Bank, said.

Brits are generally very under-prepared for retirement - one survey by Watermelon on behalf of Aegon, found large discrepancies between how much people expect to receive during retirement, and the amount they are saving.

The government has taken some steps to tackle this, such as introducing legislation that will require workplaces to offer pension schemes and automatically enrol eligible workers in it. Nevertheless, some commentators have argued that this doesn't go far enough.

Read more: We need radical Isa reform to really tackle the UK savings crisis

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