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

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

Lloyds Bank said uptake so far been strongest amongst those in their forties. The youngest person to sign up for the service is aged 18.

We spoke to one younger pension saver who said she would be keen on the idea. 

Lauren May, aged 32 from West London has been auto-enrolled in a workplace pension provided by Scottish Widows for the last 10 years. 

Ms May told This is Money that she does not have a personal pension because she wants to prioritise her other savings, including Premium Bonds. 

 It would be easier for me to have a personal pension alongside my savings account and current account, in one place

She said: ‘I tend to check on my workplace pension every month and find it reasurring to see that there is a sum of money growing there for my retirement when that time comes.’

Ms May said she finds it easier to save into her workplace pension because it contributions come out of her salary automatically and she doesn’t have to think about moving any money to a different account.

She said: ‘I did swap from my workplace pension contributions to saving in a personal pension for a time, but that didn’t really work out because I would overlook my pension savings one month if there was something else I needed to save towards more.

‘I think I would be more likely to open a personal pension if I could get one through my banking app because it would be easier for me to have it alongside my savings account and current account, in one place where I could easily see it.’

Read more at DailyMail.co.uk