Source · Select Committees · Work and Pensions Committee
Recommendation 27
27
Paragraph: 111
Many savers will have built up a number of small pension pots, which would benefit...
Conclusion
Many savers will have built up a number of small pension pots, which would benefit from consolidation. However, the issue of small pension pots cannot be solved simply by encouraging savers to change their behaviour to proactively consolidate their small pension pots. The Committee would expect to look closely at the recommendations about consolidating small pension pots which are expected to be made to the Department for Work and Pensions by an industry working group as they are developed and published.
Paragraph Reference:
111
Government Response
Not Addressed
HM Government
Not Addressed
The department is working closely with the ABI/PLSA-led industry coordination group which is actively progressing the necessary detailed work and feasibility analysis on this to inform consolidation solutions and the underpinning administrative systems – including the parameters governing small pots in scope for consolidation – so that solutions provide overall net value for automatically enrolled savers. We understand that the ABI/PLSA coordination group expect to report on progress in May 2022.