Jurisdiction(s):
United Kingdom

Small DC pots: DWP default consolidators, Small Pots Data Platform, authorisation regime and Ombudsman remit—findings and legislative timetable, with scheme duties expected from 2030

Published on: 16 May 2025

Published by a LexisNexis Pensions expert

Legal News

Article summary

Original news stories:

DWP press release: £1,000 retirement savings boost from plans to bring together small pension pots
DWP: Small Pots Delivery Group Report
https://www.gov.uk/government/publications/small-pots-delivery-group-report

Since automatic enrolment began in 2012, millions of UK employees have been putting money aside for retirement. While it is generally regarded as a major success overall, a notable issue has surfaced: the growth of small, deferred DC pension pots. This often arises when someone is enrolled into a pension scheme and soon moves to a new role, leaving behind a modest pot of savings that may not be accessed for many years. In theory, savers can transfer that pot to their next employer’s scheme or a personal plan, but the evidence shows this is not happening at the scale needed to prevent the problem from expanding. The DWP’s figures indicate there are now 22.9 million deferred DC pots under £10,000 and 13 million under £1,000. At the smallest levels, these pots cost providers more to run than they raise in fees, meaning they are loss-making for providers...

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