Retail customers could soon be cashing in their Tesco Clubcard 'Rewards Points' or Nectar card 'Nect...
Retail customers could soon be cashing in their Tesco Clubcard 'Rewards Points' or Nectar card 'Nectar Points' as pension contributions, according to comments from the companies operating the schemes.
Although there are currently no official plans to sign up new partners such as life companies in order for such rewards to be on the menu, it is not something anyone involved will dismiss totally out of hand.
And both rewards schemes admit that boosting links to retail financial services are key to their future plans.
A spokeswoman for the company operating the Nectar card scheme on behalf of the four brands already involved - Barclaycard, Debenhams, BP and Sainsbury's - says the partners are actively looking to add a fifth in the form of a major UK bank.
Having a bank on board is already the case with rewards schemes the company operates on behalf of retailers in other countries.
"There are no immediate plans to offer points for pensions. But we are actively looking to bring in a bank, and if, for example, that bank offers stakeholder products this might be one of the things to consider."
A spokesman for Tesco's Clubcard scheme says that it is always looking out for new partners, such as jeweller H. Samuel, which recently joined its list of partners.
Tesco is also keen to grow its personal finance offerings, in addition to the credit cards and ISA products that can already be bought through the company.
These two factors - wanting to expand the number of partners and wanting to increase the number of financial services products offered - mean Tesco will not rule out a points for pensions scheme.
"We are always looking to increase ways customers can collect points," the spokesman says.
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