Department of Work and Pensions : Meeting Future Workplace Pension Challenges

19 December 2011
The Department of Work and Pensions has launched a consultation on how to treat the proliferation of small pension pots. An individual moving from job to job may easily build up a portfolio of several small entitlements with consequent problems of administration, communication and cost.

Their proposed initiatives include:

  • encouraging members to consolidate their pension savings, so reducing the cost of administering small pension pots
  • transferring small pension pots to one or more aggregator schemes
  • transferring pension savings so they follow an individual from job to job

The paper also announces the end of short-service refunds for members of DC occupational schemes.

The consultation closes on 23 March 2012.

External link

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Author: Martin Veasey
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