The Pensions and Lifetime Savings Association (PLSA) have commented on the launch of the small pots Cross Industry and Government Working Group.
Lizzy Holliday, Head of DC, Master Trusts & Lifetime Savings, PLSA, said: “Addressing the small pots issue is a big problem for industry and savers. The PLSA has been working to find a solution for small pots proliferation, focusing on the benefits this would reap for savers in having fewer, larger pots that are easier for them to manage and engage with. The launch of the small pots Cross Industry and Government Working Group is an important step in building consensus on a wider scale – and we are looking forward to feeding in our work to the process.
“Alongside our members, we are keen to make sure the next steps taken to tackle this issue are in the interests of savers and operationally achievable for schemes. We believe it’s possible that more than one solution might be appropriate – which can then evolve over time. As a priority, we’d like to see some immediate short-term solutions that could facilitate pot consolidation while other solutions might minimise the creation of small pots in the future.”
Mark Smith, Senior PR Manager
020 7601 1726 | [email protected]k
Steven Kennedy, PR Manager
020 7601 1737 | 07713 073024 | [email protected]