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The government has confirmed it plans to launch a default consolidator to tackle the issue of small pots, as it publishes its response to its call for evidence on the issue.
In the Pensions and Lifetime Savings Association’s (PLSA) regular column for Professional Pensions, the trade body’s director of policy and advocacy takes a look at defined contribution (DC) reform.
The industry has offered its views on the issue of small pots, with some calling for a pot-follows-member approach, while others urge for the adoption of a default consolidator option.
The number of defined contribution small pot transfers increased by 40% over the last two years, according to research by Origo.
Defined contribution (DC) consolidators such as PensionBee and Hargreaves Lansdown are broadly seen as a force for good, according to a Professional Pensions poll.