MENU PREVIOUS PAGE SHARE PRINT AUTOMATIC TRANSFERS Millions of people will be saving for their retirement due to automatic enrolment. But some of these will only be contributing small amounts and may change jobs frequently, meaning that they move between pension schemes. Estimates suggest that without action, there could be over 50 million dormant pension pots by 2050. There is a risk that such small pots could get lost over the course of an individual’s working life and could prove challenging to convert into a retirement income. The Pensions and Lifetime Savings Association supports efforts to consolidate individuals’ small pots in one place, so that people have a small number of large pots when they come to retire. However, we believe that current proposals for a ‘pot follows member’ system of transfers are flawed and need to be re-examined. This approach threatens to be detrimental to both savers and the industry, potentially eroding the value of members’ pots by transferring savings to badly managed schemes and proving disproportionately complex for schemes to implement. Whilst agreeing with the objectives outlined by Government, the Pensions and Lifetime Savings Association will be making the case for fresh a solution that works for both savers and schemes in the future. RELATED DOCUMENTS NAPF RESPONSE TO THE INDEPENDENT REVIEW OF RETIREMENT INCOME 27 February 2015 The NAPF has responded to the consultation being conducted by the Independent Review of Retirement Income commissioned by Labour's shadow pensions secretary, Rachel Reeves. The NAPF welcomes the cont... READ MORE COVID-19 RESOURCES RESPONSIBLE INVESTMENT DEFINED BENEFIT DEFINED CONTRIBUTION Hitting the target project Retirement Living Standards Costs, Charges and Governance in DC Schemes Automatic Transfers Collective Defined Contribution Retirement Income Adequacy Automatic Enrolment Cost Capital and Charges Research Retirement and the pension freedoms Independent Retirement Savings Commission Master trust regulation The pensions dashboard Archive Small Pots Cross-Industry Co-ordination Group Pension Tax LIFETIME SAVINGS INVESTMENT RESEARCH STEWARDSHIP LOCAL AUTHORITIES EUROPE & INTERNATIONAL DOCUMENT LIBRARY THOUGHT LEADERSHIP LIBRARY Related topics Automatic Enrolment Costs, Charges and Governance in DC Schemes Add your voice and help everyone achieve a better income in retirement. JOIN TODAY CALENDAR OF EVENTS RETIREMENT LIVING STANDARDS PENSION QUALITY MARK LOCAL GROUPS HOW TO FIND US CONTACT US ACCESSIBILITY TERMS OF USE COOKIES YOUR PRIVACY © 2021 PENSIONS AND LIFETIME SAVINGS ASSOCIATION. ALL RIGHTS RESERVED.