Many followers of this blog will be aware that the above conversation moved on a little further earlier this week. As you will see from the links below, the proposal appears to be to automatically transfer small deferred money purchase pension pots (those worth less than £10,000) to avoid employees ending up with many small pension funds scattered around previous employer’s schemes.
This proposal, and one to accelerate the removal of short-service refunds, are intended to be included in the next Pensions Bill.
So how quickly can we expect these changes to take effect?
The above articles give target dates of 2014 or 2015, but the experience of the last few years suggests that this may be optimistic. I will watch this one carefully, and let you have my findings (and some further thoughts on the changes) once more detail is known.
Best regards
Steve
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