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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
Building blocks: How tokenisation could reshape DC pensions
Louise Farrand, executive director of the DC Investment Forum, explores how blockchain and tokenisation technologies could revolutionise pension scheme investing.
IFS: Which workers should automatic enrolment reforms target?
Raising minimum auto-enrolment contribution rates requires a more nuanced approach and can’t be one-size-fits-all, writes Heidi Karjalainen of the Institute for Fiscal Studies.
Guided retirement: designing pension systems that work with and for human nature
Paul Sweeting of the Institute and Faculty of Actuaries introduces new research that explains why it is critical that the industry works together to get guided retirement solutions right.
Beyond the workplace: Mapping the changing DC pensions market
With the defined contribution sector facing profound changes, the Pensions Policy Institute’s Shantel Okello explains how the organisation’s latest research aims to capture as big a picture of the landscape as possible.
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.