DWP rules make it easier to change jobs and take pension with you
18 July 2012
The Department for Work and Pensions (DWP) today launches new plans to make it simpler for employees to transfer their work pension with them from job to job.
Wed, 18 Jul 2012
Webb adds that such a ‘pot follows member’ model “would also provide the best reduction in administrative costs for pension providers in the long run, potentially offering further benefits for savers in the form of lower charges”.
The DWP cites research from 2010 it conducted that shows that one in six people have no idea where the pension is saved, and that the total value of unclaimed pensions in the UK is around £3bn.The Department for Work and Pensions (DWP) today launches new plans to make it simpler for employees to transfer their work pension with them from job to job.
Pensions minister Steve Webb says: “We need a system where people build up worthwhile pension pots in one place rather than having lots of small pots all over the place.”Webb adds that such a ‘pot follows member’ model “would also provide the best reduction in administrative costs for pension providers in the long run, potentially offering further benefits for savers in the form of lower charges”.
The DWP cites research from 2010 it conducted that shows that one in six people have no idea where the pension is saved, and that the total value of unclaimed pensions in the UK is around £3bn.
Webb adds that such a ‘pot follows member’ model “would also provide the best reduction in administrative costs for pension providers in the long run, potentially offering further benefits for savers in the form of lower charges”.
The DWP cites research from 2010 it conducted that shows that one in six people have no idea where the pension is saved, and that the total value of unclaimed pensions in the UK is around £3bn.The Department for Work and Pensions (DWP) today launches new plans to make it simpler for employees to transfer their work pension with them from job to job.
Pensions minister Steve Webb says: “We need a system where people build up worthwhile pension pots in one place rather than having lots of small pots all over the place.”Webb adds that such a ‘pot follows member’ model “would also provide the best reduction in administrative costs for pension providers in the long run, potentially offering further benefits for savers in the form of lower charges”.
The DWP cites research from 2010 it conducted that shows that one in six people have no idea where the pension is saved, and that the total value of unclaimed pensions in the UK is around £3bn.
