Letter to Work and Pensions Committee regarding small pension pots

Smart respond to a letter from the Chair of Work and Pensions Committee asking for ideas to deal with the issue with the proliferation of small pension pots.

In the letter addressed to Stephen Timms, chair of the Work and Pensions Committee, Darren Philp, director of policy at Smart Pension says: 

I have set out below a summary of what we have said in our response to the DWP on the specific issue of dealing with small pots. Small pots are bad news for the pensions industry, but, more importantly, they are bad news for the saver. Small, fragmented pots, get lost and do not provide a solid platform for engagement.
While pensions dashboards will help people keep connected with their pots, and perhaps proactively consolidate these in some cases, further intervention is needed to address the issue and stop the problem growing. We would urge the DWP to consider implementing solutions to the small pot problem as a matter of priority.

You can see the full letter here.

About Smart

Smart is a global savings and investments technology platform provider. Co-founded in 2014 by Andrew Evans, Group CEO, and Will Wynne, Group MD, it is one of the UK's largest providers of workplace pensions. Its award-winning master trust, Smart Pension, is overseen by independent professional trustees.

In 2020 Smart Pension was named Master Trust Offering of the Year at the Pension Age Awards. Other awards include DC Master Trust of the Year, DC Innovation of the Year and Retirement Innovation of the Year in the 2019 UK Pensions Awards. Smart Pension was also named European Pension Fund of the Year 2019 in the European Pension Awards.

Legal & General Investment Management (LGIM), J.P. Morgan, Link Group, Natixis Investment Managers and Barclays are all investors in Smart.

We tweet as @SmartPensionUK.

For media enquiries

Contact the Smart press office on 020 8016 2553 or email pressoffice@smartpension.co.uk