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Small Pots and how to consolidate them
One of the side-effects of automatic enrolment has been the creation of millions of small, ‘deferred’ pension pots scattered across the pensions landscape. With the average person working more than 10 jobs in a lifetime, this problem is only going to get bigger – much bigger.
In the recent Mansion House reforms, the government asked for responses on its initial plan. It’s opted for the multiple consolidators model – where small pots could be automatically transferred into large approved schemes. The government plans to set up a delivery group by the end of the year.
How might all this work….and is it good news for savers?
Here’s Phil Brown with his panel of expert – Zoe Alexander, director of strategy and corporate affairs at Nest; Lizzy Holliday, director of public affairs and policy at NOW:; Ian Digby, director of policy and regulation at Smart Pension and Sarah Luheshi, the deputy director at Pensions Policy Institute.