Gov't-Backed Pensions Group Outlines Fixes For Small Pots

By Martin Croucher (June 23, 2022, 1:09 PM BST) -- The government must introduce legislation to tackle the rapid growth of small pension pots, which put retirement wealth at risk of erosion from administration fees, an industry group said Thursday.

A working group set up by the Department for Work and Pensions and hosted jointly by the Pensions and Lifetime Savings Association and the Association of British Insurers has published three major fixes for the problem, which it urged policymakers to consider.

The Small Pots Co-ordination Group said that the number of pension plans into which workers have stopped putting payments into as a result of them changing jobs, will rise to 11 million...

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