The Department for Work and Pensions (DWP) has issued the snappily-titled paper “Automatic Transfers: Consolidating Pension Savings”. The idea behind this is to avoid the build-up of small, poor value pension “pots” which was always likely as a by-product of automatic enrolment into pension saving. Small pots limit retirement income choices and value, and are easily lost and forgotten. I have been active in helping the industry work towards solutions to this problem. If left unaddressed, DWP estimated that 50 million small dormant pots would have been created by 2050, with 12 million of these under £2000 in value. The … Read More »
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