On Thursday, December 17, the Department for Work and Pensions published the report from the industry’s small pots working group.
The publication of the report and its recommendations is an important step towards small pot consolidation within the automatic enrolment market. The Pensions Minister Guy Opperman MP has indicated he will study the report and recommendations in detail in 2021.
Tim Gosling, head of policy at The People’s Pension, who sat on the master trust expert panel that fed into the working group, said: “This report lays out a workable roadmap for dealing with the small pots problem. The scale of the challenge is significant: without action the problem will become much harder to manage and will destroy value for members. We welcome the Minister’s support for industry to lead on proof of concept trials, including support for the member exchange pilot.”
ENDS
notes to editors
The People’s Pension is a leading workplace pension scheme from the not-for-profit B&CE Group, with more than five million pension savers from over 90,000 employers and £12 billion assets under management.