Pot follows member

The implementation of pot follows member has been put on hold according to a ministerial statement issued today.

Michael Klimes examines whether attempts to grease the wheels of pension transfers will succeed

Open transfers would boost competition

Pot follows member (PFM) will do little to engage people with their pensions according to Hargreaves Lansdown head of pensions research Tom McPhail.

Industry figures have called on the government to raise the bar for schemes that can take automatic transfers of small pots.

Natasha Browne digs into the detail of proposals for a federated auto-transfer system for small DC pots

Pensions minister Steve Webb has said automatic transfers will begin on a voluntary basis to get the policy off the ground.

Pensions minister Steve Webb has confirmed its intention to have a pot follows member system to consolidate small pots in place by autumn 2016.

Moves to erode self-serving behaviour within the pensions industry could backfire, M&S pensions strategy specialist Julie Parker-Welch has warned.

Short service refunds are to be banned from October 2015 according to the pensions minister.