The Work and Pensions Committee (WPC) has asked the industry for “workable solutions” to address the problem of problem of proliferating small pension pots.
It is time to reconsider this potential solution to the plethora of fragmented pots, says Sir Steve Webb.
The majority of the industry is behind the Department for Work and Pensions (DWP) decision to put pot follows member on the back burner.
Former flagship policies are set to sink without a trace
A ministerial statement issued last week put key policies such as pot follows member and collective defined contribution on hold. Helen Morrissey gauges the response.
The biggest stories on the site this week include a suspected £14m fraud, deflation, and a dire threat about meddling with tax relief.
The implementation of pot follows member has been put on hold according to a ministerial statement issued today.
Michael Klimes examines whether attempts to grease the wheels of pension transfers will succeed
Open transfers would boost competition
Pot follows member (PFM) will do little to engage people with their pensions according to Hargreaves Lansdown head of pensions research Tom McPhail.
Industry figures have called on the government to raise the bar for schemes that can take automatic transfers of small pots.
Natasha Browne digs into the detail of proposals for a federated auto-transfer system for small DC pots
Pensions minister Steve Webb has said automatic transfers will begin on a voluntary basis to get the policy off the ground.
Pensions minister Steve Webb has confirmed its intention to have a pot follows member system to consolidate small pots in place by autumn 2016.
Moves to erode self-serving behaviour within the pensions industry could backfire, M&S pensions strategy specialist Julie Parker-Welch has warned.
Short service refunds are to be banned from October 2015 according to the pensions minister.
The success of the pot follows member policy will depend on better efficiency and cost control, according to Origo.
Natasha Browne looks at DWP's proposals for making pot follows member work in practice
Labour will continue to push through developments on an automatic transfer system if it wins the next general election, it has been confirmed.
The pensions industry must work together to establish an efficient and consistent transfer method or risk having a poorer version inflicted upon it by the regulator, Tom McPhail has said.
The Pensions Bill has received Royal Assent in Parliament, bringing reforms to state pension and the abolition of defined benefit (DB) contracting out closer.
Trust-based schemes and third-party administrators (TPAs) should adopt a common declaration process in order to reduce time and cost of transfers by up to 80%, Origo says.
An opposition amendment that would have allowed the Department for Work and Pensions (DWP) to rethink its pot follows member proposals has been narrowly defeated in the House of Lords.
Shadow pensions minister Gregg McClymont says the pensions minister has not achieved all his goals