Pot follows member put on hold
The implementation of pot follows member has been put on hold according to a ministerial statement issued today.
In the statement pensions minister Baroness Ros Altmann also said work on defined ambition and collective benefits had also been put on hold.
The decision was taken to enable the government and industry to implement reforms such as the new state pension which comes into payment in April 2016. Auto-enrolment of small to medium businesses and the Budget flexibilities were also highlighted as issues government and industry need to focus on.
"(...)we are conscious of the need to ensure Government, providers, employers and members are able to focus on these changes to ensure their success," the statement said.
"That is why we have decided that the time is not right to implement Defined Ambition, Collective Benefits and Automatic Transfers. The time is not right to ask the pensions industry to absorb the new swathe of regulation that would be needed to make such further reforms work effectively. The market needs time and space to adjust to the other reforms underway and these areas will be revisited once there has been an opportunity for that to happen."
To read the full statement click HERE
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