Smaller pension pots should be automatically consolidated to make them easier to keep track of and encourage saving for retirement, the pensions minister has said
The DWP is also consulting on a new value for money framework, developed with the Pensions Regulator and the Financial Conduct Authority.
The Government said it would improve competition and require pension schemes to disclose key metrics and service standards. Sir Steve Webb, a former Liberal Democrat pensions minister who is now a partner at consultants Lane Clark & Peacock said: “It has been obvious since the start of automatic enrolment that small pots would be an issue, which is why the 2014 Pensions Act provided for a pot-follows-member solution.
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