Gov't Calls For Fix On Lost Growth In Small Pension Pots
Law360, London (December 17, 2020, 3:56 PM GMT) -- The government has said it will act after an industry-led taskforce warned on Thursday that long-term savers are losing money because their retirement funds are spread across multiple, small pension pots.
Pensions Minister Guy Opperman said it was important for the government and the pensions industry to develop a "workable solution" for the growing problem.
The number of small pension pots has grown rapidly since the government introduced rules in 2012 that meant employers are required to automatically enroll staff in workplace retirement plans.
Savings from earlier retirement pots do not automatically move to new workplace pension schemes when workers change...
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