Webb pledges to abolish short service pension refunds

Speaking at the annual Lane Clark & Peacock (LCP) Pensions Conference today, Webb said the Department for Work and Pensions (DWP) was looking at whether short service refunds could be addressed when it tackled the wider issue of transfers. Under current rules workers leaving a job after fewer than two years can have their pension contributions refunded. Webb described short service refunds as a "troubling feature of the system" as they did not fit with the government's aim of getting the population to save more for retirement. He said the department would explore all the options on...