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Meeting future workplace pensions challenges: improving transfers and dealing with small pension pots

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The TUC response to a DWP consultation

The TUC welcomes the opportunity to respond to this consultation. We welcome the Government's decision to close the short service refund loophole. While we recognise the burden of small pots within defined benefit pensions, we have always considered pensions as deferred pay. Any system that allows employers to reclaim pension contributions once paid into their employee's pension fund is simply wrong.

Any proposal to deal with small pots is likely to have wider implications for the future development of pensions. It is important that these wider considerations are thought through. Reforms should go with the grain of creating a good pension system based on the architecture set out by the Pensions Commission and endorsed by the Making Auto-enrolment Work Review.

Download TUC response to a DWP consultation [PDF]

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