Automatic transfers consolidating pension savings

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It was established to do just that in the form of a cross-industry, open standards based transfer club for investments.

Membership among platforms and fund managers exceeds 95% of UK fund assets and this has led to significant increases in electronic transfers, resulting in greatly reduced transfer times and security for customers.

However, without further reform, automatic enrolment will create up to 50 million dormant pension pots by 2050.

This is not to denigrate the Department, but the history of large-scale public sector IT builds is one of almost unmitigated disaster, with a few shining exceptions.

If this is the preferred direction, experience tells me that we need to build a solution that is designed by, and for, the industry.

If the pensions industry does not undertake to build such a system itself, DWP will construct it and back-charge the industry.

Whilst I very much hope the industry will do this communally rather than waiting for the DWP to do it for them (and I will be doing everything I can to help them do this), we must be very concerned about the back-stop of a DWP build.

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