DWP opens consultation on 'Operation Big Fat Pension Pot'

In today's announcement, the DWP pledged to end short service refunds (SSRs), in which workers who leave jobs within two years can withdraw their pensions, in the next Pensions Bill. The consultation, which will be published later today, will also outline different methods of ensuring small pension pots built up by people who work in multiple jobs over their lifetime can be consolidated. Webb has already hinted at different methods of doing this, citing a system of automatic transfers as employees move jobs as a strong possibility. Other options are simply removing technical and le...