Commenting on the DWP consultation ‘Addressing the Challenge of Deferred small pots’ Michael Ambery, Partner, Hymans Robertson says:

“We are pleased to see today’s DWP consultation as part of a much broader opportunity to encourage better outcomes, increase engagement and develop better understanding for individuals and their pension needs. As an industry the role of automatic consolidation is to be welcomed given the level of change and transformation of this issue. This consultation, working with the pensions industry, will determine the best way to further increase engagement and couldn’t be more timely or relevant. The erosion of small pots, the advent of the Pensions Dashboard and low member engagement will be woven together to ensure change from this consultation as part of a higher level action plan, further protecting members and small pensions pots from becoming worthless.”