Letter to Work and Pensions Committee regarding small pension pots
Smart respond to a letter from the Chair of Work and Pensions Committee asking for ideas to deal with the issue with the proliferation of small pension pots.
In the letter addressed to Stephen Timms, chair of the Work and Pensions Committee, Darren Philp, director of policy at Smart Pension says:
I have set out below a summary of what we have said in our response to the DWP on the specific issue of dealing with small pots. Small pots are bad news for the pensions industry, but, more importantly, they are bad news for the saver. Small, fragmented pots, get lost and do not provide a solid platform for engagement.
While pensions dashboards will help people keep connected with their pots, and perhaps proactively consolidate these in some cases, further intervention is needed to address the issue and stop the problem growing. We would urge the DWP to consider implementing solutions to the small pot problem as a matter of priority.
About Smart Pension
Launched in 2015, Smart Pension now exceeds £10bn in Assets Under Management (AUM) and serves over 2 million members and 100,000 employers. It is powered by Keystone, Smart’s global savings and investments technology platform.
Aquiline, Barclays, Chrysalis Investments, DWS Group, Fidelity InternationalStrategic Ventures, J.P. Morgan, Legal & General Investment Management, MUFG and Natixis Investment Managers are all investors in Smart Pension.
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