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Darren Philp, Director of Policy and Market Engagement at The People’s Pension, has commented on the government’s plans for automatic transfer of small pension pots.
Speaking to Pensions Expert, Darren said:
“An automatic transfer without the automatic element seems to be a half-baked idea. It demonstrates that what the government had hoped to achieve wasn’t deliverable.”
However, we have long been calling for a pensions register to bring pension information online in one place.
Darren added:
“An online portal aggregating all information opens up opportunities to transfer and consolidate.”
These comments follow an announcement by Steve Webb, the Pensions Minister, that his plans for automatic transfers would require a staged, opt-in approach.
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