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Small pots consolidation - news and views
Government consults on plan to consolidate 13m small pension pots
The DWP is seeking to establish a “federated” system of consolidator schemes that can automatically combine deferred DC pots worth less than £1,000, where the saver has not done so themselves.
Major master trusts collaborate to cut pension transfer times
Providers including Nest, the People’s Pension, Smart Pension, and Now Pension have established Pathfinder, a working group that will explore “practical ways to improve pension transfers”.
PPI widens lost pensions survey to include DB schemes as demand for tracing grows
The new study will track how the ‘lost pots’ landscape has changed, examining the number of missing pots, their value and age distribution, while also exploring the underlying causes and the implications for savers and policymakers.
Pensions UK outlines feasibility study for small pots consolidation
Pensions UK Annual Conference: A feasibility review of small pots consolidation, overseen by Pensions UK, has found that more than a million pots under £1,000 could be consolidated, while approximately 800,000 pots are unlikely to be consolidated.
Latest DC industry opinion
Prospect: Self-employed workers need more help to save for retirement
Steve Thomas, deputy general secretary of the trade union Prospect, says it is not enough just to encourage more saving among self-employed people – they need a sustainable, affordable way to do so.
Are AI tools fuelling an emerging pension complaints risk?
Generative AI can turn member dissatisfaction into a detailed complaint within minutes. Trustees should respond by strengthening the support provided before retirement decisions are made, writes Guiide’s Philip Hodges.
Can the Pensions Commission address systematically unequal outcomes?
The debate over automatic enrolment reform highlights the difficulty of improving retirement outcomes for low earners. As fresh analysis from the Pensions Policy Institute makes clear, even widely supported changes involve trade-offs.
Own Risk Assessment: The starting point for pension board effectiveness
Vidett’s Kelly Newton looks at what the new ORA requirement means for trustee boards, and how to get the most out of the process.
Small pots consolidation - news and views
Pensions UK sets out model for small pots consolidation
A new report recommends a “federated” system for consolidating deferred auto-enrolment pots of less than £1,000, using existing technologies and processes where possible.
ABI: Supporting the ‘Pay Your Pension Some Attention’ campaign
It’s Pensions Awareness Week, and Emily-Mae Collins of the Association of British Insurers outlines the many positive intiatives that will help consumers pay their pension some attention.
Next ‘value for money’ consultation to come later this year, FCA says
The Financial Conduct Authority, the Pensions Regulator, and the Department for Work and Pensions are planning a further consultation on the Value for Money framework later this year.
What the Pension Schemes Bill means for small businesses
There is a lot to digest from the recent Pension Schemes Bill. Wedlake Bell’s Justin McGilloway breaks down the key considerations and action points for small employers.
How the government plans to consolidate small pension pots
Pension schemes will have to be able to facilitate automatic consolidation of pension pots smaller than £1,000 from 2030, under proposals set out by the government today.
In Depth: 40% of master trust memberships could consolidate, study finds
A major data exercise carried out by some of the UK’s biggest master trusts has shed light on the challenges of consolidating small pension pots and rolling out pension dashboards.