Addressing the challenge of deferred small pots
Applies to England, Scotland and Wales
Detail of outcome
The government published its response to this consultation in “Ending the proliferation of deferred small pension pots”.
Original consultation
Consultation description
The Department for Work and Pensions (DWP) is issuing this call for evidence to deepen the evidence base around the scale and characteristics of the growth in the number of deferred small pots. It is focussed on two large-scale automated consolidation solutions – a default consolidator model and pot follows member – whilst recognising the potential impact of other actions, including member exchange, and enabling more member engagement, that can help mitigate the growth in the number of small pots.
DWP wants to hear from the pensions industry, including:
- those previously involved in the DWP-chaired and Association of British Insurers/Pensions and Lifetime Savings Association-led work on this issue
- other stakeholders, including those who can offer a member-perspective on the effectiveness of consolidation approaches
The responses to this call for evidence and other stakeholder engagement will inform DWP’s development of our policy position on an approach, on which we will consult in due course.
Documents
Last updated 11 July 2023 + show all updates
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Added link to the government's response to the consultation.
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First published.