Lloyds to offer pension advice via app

Simon Harrington, senior policy adviser at the Personal Investment Management & Financial Advice Association, also praised the project.

He said: "This industry is often prone to calling for nebulous concepts like innovation in order to boost retirement savings or, more specifically, 'engagement' without necessarily knowing what it is that we mean.

"It is extremely encouraging to see that this initiative by Lloyds has been successful and that they are planning on rolling out further initiatives to boost individual retirement savings."

Mr Harrington noted that an individual was more likely to check their current account statement or any statement related to short-term savings than they were their pension fund value.

He added: "Providing both in a manner which is easy to access is something which we are very much in favour of.

"Clearly there is more to consider than just the basic value of a pension fund, but this is a great start and we would be interested to learn whether or not this initiative has engendered demonstrably positive consumer behaviour as a result."

Romi Savova, chief executive of pensions consolidator PensionBee – which introduced a similar feature with Starling Bank in February 2018 – welcomed the fact more pension companies were engaging digitally with savers.

She said: "Easy access to pension data is absolutely key if we want consumers to meaningfully take control of their retirement savings, as government now expects them to.

"However, there is still a long way to go before pensions can become a casual topic of conversation, as they are in other countries.

"Innovations like pension top ups can help encourage a culture of saving, but moves to enable bigger contributions will be needed if pension savers are to expect a comfortable retirement. Both government and industry have a role to play in this."

Steve Carlson, chartered financial planner at Cardiff-based Carlson Wealth Management, said he was in favour of any initiative that encouraged people to consider their retirement plans in more detail.

He said: "Seeing the value of your pensions might raise as more questions than answers, such as ‘is it enough or how much do I need?’

"But at least it will get people thinking more about their pensions and make it a bit more real."


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