Today it’s been announced that Phoenix Group, the UK’s largest long-term savings and retirement business, will be joining three expert panels which are being set up by Government to help address the challenge of multiple small pension.

Phoenix experts will be contributing to the thinking of the following panels:

• DWP Small Pots Working Group Master Trust Expert Panel
• DWP Small Pots Working Group Contract Based Expert Panel
• DWP Small Pots Working Group Single Employer Pensions Expert Panel

Neil Hugh, Head of UK Proposition at Phoenix Group commenting on this said:

“The Phoenix Group has long been supportive of the Pensions Dashboard and we are pleased to see the DWP using this opportunity to look at the growing challenge of deferred, small pension pots. The PPI report in July showed there is unlikely to be one solution that easily resolves this issue. Industry engagement is important when it comes to agreeing the way forward, and we intend to play an active role in the expert panels which will be looking at the options.”

The Department for Work and Pensions has said that “The new Working Group will complement the work on dashboards to identify the priority option or combination of options to help tackle the growth of deferred, small pension pots – involving experts from within the pensions industry, fintech and those representing member interests and employers”.

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Enquiries

Rachel Esland
PR and Public Affairs Manager
Phoenix Group
0131 245 0489 / 07892 705093
Rachel.esland@thephoenixgroup.com