DWP reveals automatic small pot transfer system

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The Department for Work and Pensions has confirmed it will create an ‘automatic transfer' system for small pots of less than £10,000, allowing workers to take their pensions with them from job to job.

The changes will include the abolition of short service refunds for money purchase schemes, possibly as soon as 2014. Pensions minister Steve Webb said: "Instead of having lots of small pension ...

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