Steve Webb's pot-follows-member pension policy will make it easier for people to manage multiple pension pots but clarification is needed on the role of advice, Aegon has said.
Yesterday, the Department for Work and Pensions (DWP) confirmed it will create an automatic transfer system for small pots of less than £10,000. The changes will include the abolition of short service refunds for money purchase schemes, possibly as soon as 2014. A pot will be eligible for automatic transfer as long as it was created after a "certain date" to be set in regulations, with a size limit of £10,000 that will be subject to review. Kate Smith, regulatory strategy manager at Aegon, said the policy was a step in the right direction and the £10,000 threshold was "about right" bu...
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