Brits 'should be able to move pension pots'

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Brits 'should be able to move pension pots'

Fri 16th Dec 2011

Individuals should be allowed to move small pension pots that they have built up when working at different companies throughout their career in order to create a larger nest egg for their retirement, it has been argued.

The move has been put forward in a Department for Work and Pensions paper that was published this week, with recommendations that the automatic transfers of small pension pots between auto-enrolment schemes would be the preferred model for the future.

Aviva's director of workplace savings Paul Goodwin said: "We have a huge opportunity with auto-enrolment to transform how people in the UK save for their retirement and it's important that younger workers get into the savings habit as soon as they start their careers."

Jason Ashman, chartered financial planner and director of Chatfield Private Client, also recently claimed savers must be proactive about their pension funds, as it is no use planning to save for retirement with just a few years of work remaining.

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