Pot for Life Working Group (P4LWG)

Purpose

The purpose of the P4LWG is to develop PASA’s position on the suggested Pot for Life pension reforms as further details emerge by:

Identifying specific legislative, regulatory or process changes required to support the delivery of Pot for Life
Creating relevant Guidance for trustees, providers, administrators and sponsors
Responding to relevant consultations
Exploring the regulations, identifying what these responsibilities mean for trustees, providers, administrators and sponsors and understanding the outcomes we should be working towards

Background

In the November 23 Autumn Statement, the Chancellor announced the government would consult on giving savers a “legal right to require a new employer to pay pension contributions into their existing pension”.

The Autumn Statement document said the government would launch a Call for Evidence on a lifetime provider model and small pots consultation, stating “The government is launching a call for evidence on a lifetime provider model to simplify the pensions market by allowing individuals to move towards having one pension pot for life, and on a potential expanded role for collective defined contribution (CDC) schemes in future. The government will also introduce the multiple default consolidator model to enable a small number of authorised schemes to act as a consolidator for eligible pension pots under £1,000”.