DWP's 'Small Pots a pathway for consolidation' consultation

Commenting on the announcement of a consultation from the DWP ‘Small pots: a pathway for consolidation”, Hannah English, Head of DC Corporate Consulting, Hymans Robertson says:

“We welcome today’s consultation from the DWP “Small pots: a pathway for consolidation” with a clear focus on how to help reduce some of the impacts of low pension engagement. This consultation, combined with a drive towards dashboards, will help remove some current inertia resulting in better engagement, better understanding, and ultimately better retirement options for many.

“As the labour market has significantly changed in the last decade, so too should pensions. Individuals move jobs on a more frequent basis, with likely multiple employers in their lifetime and corresponding pots. While there is a growing focus on pensions adequacy, it is important that this looks beyond just current employees and considers past employees to ensure that deferred members remain front of mind too. At a time when pensions adequacy has never been more prominent an issue for both employers and for individuals all pension savings must work harder than ever - employees can’t afford to see their small pots forgotten.”

Important information 

This communication is based upon our understanding of events as at the date of publication. It is a general summary of topical matters and should not be regarded as financial advice. It should not be considered a substitute for professional advice on specific circumstances and objectives. Where this page refers to legal matters please note that Hymans Robertson LLP is not qualified to provide legal opinion and therefore you may wish to obtain independent legal advice to consider any relevant law and/or regulation. Please read our Terms of Use - Hymans Robertson.