Pension advice still essential despite Webb's small pot plan

Yesterday, the pensions minister proposed a consolidation method where a pension pot would follow a worker as they moved from job to job. Kate Smith, regulatory strategy manager at Aegon said it was disappointed the idea of a virtual aggregator had not been backed by government. She added: "We do have concerns that achieving one single ‘big fat pension pot' by automatic transfer, instead of by using professional advice, could lead to some customers being disadvantaged. "Restricting automatic transfers to those from automatic-enrolment schemes mitigates this risk, as does a cap on t...