Policy paper

Automatic transfers: consolidating pension savings

The government sets out proposals for a system for the automatic transfer of small pension pots when people change jobs.

• From: Department for Work and Pensions and The Rt Hon Steve Webb
• Published: 10 May 2013
• Last updated: 10 May 2013 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

Documents

Automatic transfers: consolidating pension savings

Ref: ISBN 978-0-10-186052-9, Cm. 8605

PDF, 387 KB, 25 pages

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Automatic transfers: consolidating pension savings

Ref: ISBN 978-0-10-186052-9, Cm. 8605

MS Word Document, 532 KB

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Automatic transfers: consolidating pension savings (Welsh version)

Ref: ISBN 978-1-78153-478-6

PDF, 1.07 MB, 6 pages

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Details

In the response to the consultation document Meeting future workplace pension challenges: improving transfers and dealing with small pension pots, the government confirmed it’s intention to bring forward primary legislation to create a system where, broadly speaking, people’s pension savings move with them when they move jobs.

As people build up larger pots they will have better visibility of their pensions savings, helping them plan for retirement.

The government has worked with the pensions community to develop detailed proposals for how this automatic transfer system should work. These proposals are set out in this paper. Where possible, we have given specific detail about the features of the new system, for example which people and schemes would be within scope and pot size limits.

This paper also sets out how the delivery model might work, and the government’s intention to work closely with interested parties to design the best model.

The Pensions Act 2014 provides for a system of automatic transfers, with the detail covered in secondary legislation, subject to formal consultation.

Latest proposals

We published Automatic transfers: a framework for consolidating pension saving on 11 February 2015. It sets out the government’s latest proposals to automatically transfer someone’s pension pot when they change jobs.

Published 10 May 2013

Last updated 10 May 2013 + show all updates

1. 10 May 2013

   Updated information with references to the publication of the Pensions Bill.

2. 10 May 2013

   First published.