Home Money Lloyds Bank launches first-of-its-kind ‘ready made’ pension service

Lloyds Bank launches first-of-its-kind ‘ready made’ pension service

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Lloyds Bank launches first-of-its-kind 'ready made' pension service

A select number of customers have already been able to sign up for Lloyds’ pension service, but it will be officially launched from today.

Lloyds Bank said uptake to date was strongest among people in their 40s. The youngest person to sign up for the service is 18 years old.

We spoke to a younger retirement saver who said she would like the idea.

Lauren May, 32, from West London, has been automatically enrolled in a Scottish Widows occupational pension for the past ten years.

Mrs May told This is Money that she does not have a personal pension as she wants to prioritize her other savings, including Premium Bonds.

It would be easier for me to have a personal pension in one place in addition to my savings account and checking account

She said: ‘I check my workplace pension every month and find it reassuring to see that there is an amount of money growing there towards my pension by then.’

Mrs May said she finds it easier to save for her workplace pension because the contributions come automatically from her salary and she doesn’t have to think about moving money to another account.

She said: ‘I switched my workplace pension contributions into saving for a personal pension for a while, but that didn’t really work because I would overlook my pension savings for a month if there was something else I needed to save for. .

‘I think I would be more likely to open a personal pension if I could get one through my banking app as it would be easier for me to have it next to my savings and checking accounts, in one place where I can easily see it. ‘

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