Pensions - Articles - Pension pot to follow member


Comment from Aegon on Guy Opperman’s suggestion to put pot follows member plans back on the table as part of the auto-enrolment review.

 Kate Smith, head of pensions at Aegon comments: “The number of small pots is growing exponentially as seen in the recent figures from the Office of National Statistics fuelled by auto-enrolment. In a society where our workforce will have multiple jobs in their lifetime, each with a pension, this news is likely to be well received by employees. Just like squirrels hiding nuts, and forgetting about them, it’s all too easy for people to mislay small pension pots.

 “Resurrecting the pot follows member initiative sounds attractive, but it hit the wall in 2015 due to the multiple issues it faced, many of which couldn’t be rectified without legislation. Just like the dashboard, the biggest issue was how to force the whole of the pension industry to take part, giving all employees consistency.

 “The small pots problem isn’t going to go away. We need a solution quickly. Both solutions on the table have challenges, so swithering between pot follows member and the pension dashboard isn’t helpful. We need government to focus on one and deliver legislation accordingly and as soon as possible.”
  

Back to Index


Similar News to this Story

Savers resoundingly back concept of Targeted Support
Consumers welcome Targeted Support’s potential to provide more relevant help with retirement income decisions, greater direction and the filtering out
DB pension transfer compensation stays low
Average DB transfer compensation remains low albeit compensation still due in many cases with each redress cases assessed on its own merits. CMCs shi
Comments on the second reading of the Pension Schemes Bill
Hymans Robertson and PensionBee comment on the second reading of the Pension Schemes Bill

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.