Efforts to tackle small pension pots step up a gear

Summary:

A new Small Pots Delivery Group has been launched to discuss and implement a proposed consolidation system for small pension pots. The group aims to put savers first and improve the pension market's efficiency, potentially benefiting savers by u00a3700 at retirement. The consolidation system will help to reduce administrative costs and enable savers to have a better grasp on their pensions, reducing the risk of losing track of multiple pots. The group will provide recommendations on the implementation of a multiple default consolidator approach, building on initiatives such as multiemployer CDC schemes and decumulation products.