WiredGov Newswire (news from other organisations)
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TUC welcomes abolition of short service refunds for workplace pensions
Responding to the government's announcement yesterday (Tuesday) on small pension pots, TUC General Secretary Frances O'Grady said:
'We welcome the decision to bring forward the abolition of short service refunds. This is long overdue and has already damaged auto-enrolment.
'The TUC - along with the majority who responded to the government's consultation - favour an aggregator approach to consolidating small pots, as this provides the best safeguard against consumer detriment.
'But we welcome the minister's recognition of the risk of consumers losing out in a 'pot follows member' approach to small pots, and we look forward to further details on how they can be protected.
'In our view this can only be achieved by tougher regulation of DC pensions to ensure that they all have good governance, sensible defaults and low charges.'
NOTES TO EDITORS:
- The government's command paper on consolidating workplace pension savings is available at www.gov.uk/government/publications/automatic-transfers-consolidating-pension-savings
- All TUC press releases can be found at www.tuc.org.uk
- Follow the TUC on Twitter: @tucnews
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