REFORMS TO STOP SAVERS LOSING MINI PENSION POTS
March 19 2015.


A new system to stop workers losing their small pension pots as they move between jobs is due to start in autumn 2016.

An update on the implementation of automatic pension transfers, or “pot follows member”, sets out how, under the new system, various small pension pots which a worker may have accumulated from different jobs will be able to be consolidated within their current employer’s pension scheme.

Under the new system, workers will initially be offered the option of consolidating their pension pots, before an automatic system is rolled out.

Automatic transfers: A framework for consolidating pension savings can be found HERE.