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ABI responds to the Department for Work and Pensions' Small Pots Working Group report

Today, DWP have published a report by its Small Pots Working Group. The report has recommendations to tackle the growth of deferred members with small pension pots in the Automatic Enrolment workplace pensions market. The Association of British Insurers sit on the cross-sector working group.

Rob Yuille, Assistant Director, Head of Long-Term Savings at the Association of British Insurers said:

“Automatic enrolment has been one of the most successful policies in recent times. Savers are likely to gather multiple small pension pots, and will need help to consolidate them, so that they don’t lose track of them. The roll out of Pensions Dashboards will be key to addressing the small pots problem. But automatic solutions will be needed too, and the ideas proposed today are a welcome further step. This has been a collaborative process which we hope to see continue, as it is important that any solutions work across the whole automatic enrolment market.”

 


Last updated 17/12/2020