Pensions Industry Floats Fix For 'Small Pots' Issue

By Martin Croucher (October 1, 2021, 4:08 PM BST) -- The government should introduce rules that would allow pension providers to automatically consolidate small retirement savings pots, an industry group has recommended.

A working group set up by the government said Thursday in an interim report that regulatory change is needed, otherwise Britons could see their retirement savings eroded by administration fees.

The Small Pots Cross-Industry Co-ordination Group, made up of the Pensions and Lifetime Savings Association and the Association of British Insurers, said that approximately 10.5 million pension pots in Britain had less than £1,000 in savings.

"Without remedy there are expected to be 27 million small pots by 2030 —...

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