Members will be able access their pension savings through a debit card or digital wallet on their mobile phone using a new fintech platform, PensionPay.
PensionPay says its new app offers a range of digital on-demand tools to meet the needs of today’s pensioners. These includes direct payments from the pension pot, withdrawing cash from ATMs, cash back offers and spending summaries, designed to support better decision-making through retirement.
To coincide with the launch, PensionPay commissioned new YouGov research to understand what today’s retirees want from their pension providers. The report titled “Predictable Challenges. Practical Solutions.” reveals a clear gap between how pensions are administered and how people actually live.
The report found that almost seven out of 10 (67 per cent) of 55–59-year-olds surveyed (excluding those that answered ‘don’t know’) with a DC pension or Sipp would consider switching to a provider offering flexible pension access, better financial tools and retail discounts.
A total of 57 per cent all those surveyed with a private pension said a monthly summary of their pension spend would be helpful to better manage their finances.
Meanwhile, four out of 10 (41 per cent) of 55–59-year-olds surveyed with a private pension would prefer access to their pensions on demand rather than fixed monthly payments.
PensionPay CEO Duncan Rutherford says the report shows that people want the same functionality from their pension in retirement that they have with retail banking: personalised, digital services that offer rewards. He adds this means rethinking Value for Money (VfM) beyond fees and returns. Today, it’s about access, flexibility, and relevance.
Rutherford says: “This is about so much more than just access – it’s about independence, information and real-world utility. Too many retirees are navigating outdated systems that don’t reflect how modern retirement really works. PensionPay is designed to change that.”
He adds: “For too long, pension providers have entirely focused on quantitative retirement metrics and not on quality of delivery for the person in retirement. Pensioners don’t want improved retirement services tomorrow – they want them now. And they’re willing to switch providers to get it.
“We’re entering the age of decumulation, yet the system is still accumulation led in design. Savers aren’t just highlighting problems – they’re handing us a blueprint for change.”
