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DWP: Pot follows member to launch in autumn 2016

The Department for Work and Pensions has announced its pot follows member reforms will be introduced in autumn 2016.

The DWP says it continues to work with stakeholders to develop the details of the reform, which aims to address the issue of stranded pension pots. 

It says the Government will publish further information about the implementation model and timetable in early 2015, ahead of consulting on draft regulations.

Pensions minister Steve Webb says: “As people typically have 11 different jobs over their working life, we need to build on the achievements of automatic enrolment with a scheme that enables people to keep their savings in one place, and I am pleased to confirm we are on track to achieve this by autumn 2016.”

In July, the DWP indicated its preferred delivery method for pot follows member reforms will be private sector IT vendors running the automatic transfer system.

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