Pensions - Articles - Comment on DWP decision on DC pension consolidation

 “Frank Field’s and the WPC’s observations on the benefits of DC pot consolidation are well founded. Employment culture has changed dramatically in recent years and savers are increasingly finding themselves with multiple smaller pension pots as they move between jobs. The potential benefits from locating and gathering these pots are real as they will attract greater returns and cut down on unnecessary bureaucracy and fees.

 A lot of the ground work has already been put in place via the ‘pot follows member’ proposals introduced under Steve Webb’s tenure which would have tied all DC pots under 10k to the saver – following them from job to job. Unfortunately this appears to have been kicked into the long grass. Now is a good time to reinvigorate this idea.”