The government "will not come to a firm answer" on the question of small pension pot consolidation despite an industry-wide consultation on the issue initiated by pensions minister Steve Webb.
The pensions minister said the Department for Work and Pensions response to the consultation - due shortly - will narrow down options and indicate a "direction of travel" for dealing with small pots, but will not put forward any specific proposals. "We need to find a way we can walk before we can run," Webb told the Association of British Insurers' Future of Savings and Retirement Income conference today. He said the DWP will continue to focus on the small pots created during auto-enrolment which are the "simplest and easiest to move". Webb added the issue of small pots is an oppor...
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