Pensions - Articles - TPR welcomes data from Pensions Data Project on small pots

 The report from the Pensions Data Project, an initiative led by five major UK master trusts, reveals that over 2 million small pots across five providers could be consolidated if all five became default consolidators under current government plans. It is published as Parliament considers the Pension Schemes Bill, which proposes measures for the consolidation of small DC pots.

 Patrick Coyne, TPR’s Director of Pensions Reform, said: “TPR welcomes the work of the Pensions Data Project to establish a database which supports evidence-based policy-making.

 “We have to solve the small pots problem, and this report highlights how fragmentated the DC pensions landscape really is. It also underlines the critical role that the pensions industry will need to play in implementing the Pension Schemes Bill and making the system work for everyone.

 “We look forward to discussing innovative solutions with the industry to ensure that the default consolidation of small pots works effectively in savers’ interests.”