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.”

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