Pensions - Articles - Pensions system simplification to benefit individuals

 Welcoming the Department for Work and Pensions consultation "Meeting future workplace pension challenges:

 Improving transfers and dealing with small pension pots", Jonathan Lipkin, Head of Research and Pensions, at the Investment Management Association said,

 "An important challenge to building confidence in long-term pension saving is the complexity of the current system. Automatic enrolment is a simple and welcome mechanism to encourage behavioural change, but the benefits could be undermined by a proliferation of small pots and difficulties encountered in transferring and consolidating pension savings.

 "The fund management industry has an important role in ensuring the best outcome for individuals and we look forward to working with the Government as it explores a range of options that can help further to make the UK pensions system fit for the 21st century."