The Department for Work and Pensions has confirmed it will create an ‘automatic transfer' system for small pots of less than £10,000, allowing workers to take their pensions with them from job to job.
The changes will include the abolition of short service refunds for money purchase schemes, possibly as soon as 2014. Pensions minister Steve Webb said: "Instead of having lots of small pension pots...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter