Industry comments on small pots issue as DWP call for evidence closes today
Number of pension pots with less than £1,000 increased by 32%
44% of Buzz respondents positive on the impact of consolidators on the DC sector
Nigel Peaple says the DWP’s plans focus on fairness, adequacy and predictability
Majority of the industry argues pot follows member is the simplest solution to the issue
The pensions industry says the reforms have the potential to transform the sector
Laura Trott says improving fairness, adequacy and predictability will be central to policy
The industry is peppered with expensive and sterile small pension pots, but plans are afoot to tackle the problem.
Work is focussed on default consolidator model and pot-follows-member
PPI research found a 75% increase in the number of lost pots since 2018