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Steve Webb slows pace of small pot reforms

The Government has put the brakes on reforms to small pension pots after providers voiced concern about the potential risks of radical changes.

After a DWP consultation on consolidating pension pots last December, providers warned that a proposed “pot follows member” system could see people automatically switched into inappropriate schemes.

At the ABI conference this week, pensions minister Steve Webb said: “We will be publishing our consultation response on small pots shortly. It will not say what the answer is in fine detail but it will narrow down the reform options and indicate a direction of travel. I am impatient to get these reforms through fairly quickly but we have to get this right and get a structure in place that can make it work. There is still a question about whether we should focus just on auto-enrolment pots or the whole back book of legacy business.”

Webb also revealed the DWP is planning to measure the success of policy interventions and focus attention on those that have the biggest impact. He said: “We have started to project the outcome in retirement of each cohort of savers and look at how the different policy interventions are making a difference.”

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