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The Department for Work and Pensions has launched a call for evidence in a bid to address the challenge of deferred small pots.

Pensions minister Laura Trott has set out her three key pillars for her time in office – saying she wanted to focus on achieving fairness, adequacy and the predictability of pensions.

The value of lost pension pots in the UK has risen by £7bn since 2018 to reach £26.6bn, according to research by the Pensions Policy Institute (PPI).

The millions of savers who have their workplace pension distributed among numerous small pots are unlikely to feel benefit from pensions dashboards, Age UK says.

So far, DC plans have largely been focused on the onset of auto-enrolment and changes to the regulatory framework - be it the ‘charge cap,' ‘pension freedoms' or consultations around ‘value for money', says Annabel Tonry, Executive Director at J.P. Morgan Asset Management (JPMAM).Download In 2015 George Osborne, then the UK Chancellor of the Exchequer, decided that those age over 55 could take much more of their pension in cash. This has since opened up a range of possibilities for DC scheme members in the world of pensions.Download Find whitepapers