TISA: Endorses new cross-industry report into small pots
- TISA is a unique, rapidly growing membership organisation for UK financial services
- Endorses new Small Pots Cross-Industry Co-Ordination Group Report, which builds on finding from the DWP working group in 2020
- Small, deferred pots are a growing problem for the industry, which will only be exacerbated by Covid-19’s impact on the workforce
- Pleased that action is now being taken to address the inevitable detriment to the consumer
- It is believed that there are more than 3 million deferred savers, invested in default options, with pot sizes of under £100
- Agrees that pension providers should be able to automatically transfer their members’ small pots when they change jobs
