Guest comment: Ending the small pots epidemic

<!DOCTYPE html> <html lang="en"> <head> <meta charset="UTF-8"> <meta name="description" content="IFS research economist and report author, Laurence O’Brien, takes a closer look at recent research on the small pots epidemic, arguing that it is "high time" for the government to legislate for automatic consolidation"> <meta name="keywords" content="IFS, institute for fiscal studies,"> <meta name="author" content="IFS research economist, Laurence O’Brien"> <meta property="og:title" content="Guest comment: Ending the small pots epidemic" /> <meta property="og:type" content="article" /> <meta property="og:description" content="IFS research economist and report author, Laurence O’Brien, takes a closer look at recent research on the small pots epidemic, arguing that it is "high time" for the government to legislate for automatic consolidation" /> <meta property="og:site_name" content="Pensions Age Magazine" /> <meta property="og:locale" content="en_GB" /> <meta property="article:author" content="IFS research economist, Laurence O’Brien" /> <meta property="og:url" content="https://www.pensionsage.com/pa/Guest-comment-ending-the-small-pots-epidemic.php" /> <meta property="og:image" content="https://www.pensionsage.com/pa/images/pig-coins-510x200.jpg" /> <meta name="twitter:card" content="summary_large_image"> <meta name="twitter:site" content="@PensionsAge"> <meta name="twitter:title" content="Guest comment: Ending the small pots epidemic"> <meta name="twitter:description" content="IFS research economist and report author, Laurence O’Brien, takes a closer look at recent research on the small pots epidemic, arguing that it is "high time" for the government to legislate for automatic consolidation"> <meta name="twitter:creator" content="@PensionsAge"> <meta name="twitter:image:src" content="https://www.pensionsage.com/pa/images/pig-coins-510x200.jpg"> <meta name="twitter:domain" content="https://www.pensionsage.com">  <meta name="viewport" content="width=device-width, initial-scale=1">  <title>Guest comment: Ending the small pots epidemic - Pensions Age Magazine</title> <script type="application/ld+json"> { "@context": "https://schema.org", "@type": "NewsArticle", "mainEntityOfPage": { "@type": "WebPage", "@id": "https://www.pensionsage.com/pa/Guest-comment-ending-the-small-pots-epidemic.php" }, "headline": "Guest comment: Ending the small pots epidemic", "image": [ "https://www.pensionsage.com/pa/images/pig-coins-510x200.jpg" ], "datePublished": "2025-02-18T10:47:54+0000", "dateModified": "2025-02-18T10:47:54+0000", "author": { "@type": "Person", "name": "IFS research economist, Laurence O’Brien" }, "publisher": { "@type": "NewsMediaOrganization", "name": "Pensions Age", "logo": { "@type": "ImageObject", "url": "https://www.pensionsage.com/pa/img/pensions-age-logo.jpg" } }, "description": "Institute for Fiscal Studies (IFS) research economist and report author, Laurence O’Brien, takes a closer look at recent research on the small pots epidemic, arguing that it is "high time" for the government to legislate for automatic consolidation" } </script>  <html itemscope itemtype="http://schema.org/Article">  <meta itemprop="name" content="Guest comment: Ending the small pots epidemic"> <meta itemprop="description" content="IFS research economist and report author, Laurence O’Brien, takes a closer look at recent research on the small pots epidemic, arguing that it is "high time" for the government to legislate for automatic consolidation"> <meta itemprop="image" content="https://www.pensionsage.com/pa/images/pig-coins-510x200.jpg">  <script async src="https://www.googletagmanager.com/gtag/js?id=UA-134331442-1"></script> <script> window.dataLayer = window.dataLayer || []; function gtag(){dataLayer.push(arguments);} gtag('js', new Date()); gtag('config', 'UA-134331442-1'); </script>  <link rel="shortcut icon" href="https://www.pensionsage.com/favicon.ico" type="image/x-icon" />  <link href="/fontawesome-free-6.4.2-web/css/fontawesome.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/brands.css" rel="stylesheet"> <link href="/fontawesome-free-6.4.2-web/css/solid.css" rel="stylesheet">  <link href="https://fonts.googleapis.com/css?family=Roboto+Condensed%7CRoboto+Slab:300,400,700%7CRoboto:300,400,500,700" rel="stylesheet"> <link href="https://fonts.googleapis.com/css?family=Merriweather:400,700" rel="stylesheet"> <link rel="preconnect" href="https://fonts.googleapis.com"> <link rel="preconnect" href="https://fonts.gstatic.com" crossorigin> <link href="https://fonts.googleapis.com/css2?family=Courgette&display=swap" rel="stylesheet">  <link rel="stylesheet" href="/pa/bootstrap/css/bootstrap.min.css"> <link rel="stylesheet" href="/pa/bootstrap/css/main.css"> <link rel="stylesheet" href="/pa/bootstrap/css/style.css?ver=66"> <link rel="stylesheet" href="/pa/bootstrap/css/colors.css"> <link rel="stylesheet" href="/pa/bootstrap/css/responsive.css?ver=5"> <link rel="stylesheet" href="/pa/bootstrap/css/jquery-ui.min.css">   <link rel="stylesheet" href="/pa/bootstrap/css/cookiealert.css">  </head> <body>  <div id="wrapper" data-color="red">  <div class="hidden-lg" style="margin:6px 0 6px 0;"> </div> <style> @media only screen and (max-width: 767px) { .right-top-menu { right:0 !important; } } @media only screen and (max-width: 767px) { .ad-logo-js img { height: 70px !important; padding: 3px !important; float: left; } } @media only screen and (max-width: 767px) { .ad-logo-js { float: left !important; height: 70px; } } .ad-logo-js img { height:90px; } .ad-logo-js { float: right; margin-right:150px; } .button-job-js:hover { background-color: #d4000e !important; color:white !important; } .button-job-js a:hover { background-color: #d4000e !important; color:white !important; } </style> <header id="header">  <div class="top-menu">  <div class="container">  <ul class="left-top-menu"> <li class="address"><a>Established 1996</a></li> </ul>   <ul class="right-top-menu pull-right"> <li style="margin-top:25px;"> <div class="search-container"> <div class="search-icon-btn"> <span><i class="fa fa-search"></i></span> </div> <div class="search-input" style="position: absolute; right: 40px; z-index: 1;"> <script> function checkform(msg) { document.search.submit(); } </script> <form name="search" id="search" action="/pa/search.php" method="POST"> <input type="search" class="search-bar" placeholder="Search..." title="Search" id="querystring" name="querystring" /> </form> </div> </div> </li> </ul> <a href="https://ad.doubleclick.net/ddm/trackclk/N830975.140386PENSIONSAGE/B33176015.415263817;dc_trk_aid=607817859;dc_trk_cid=230580617;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1" target="_blank"><div class="ad-logo-js"><img src="/pa/images/w_Nuveen_A_TIAA_Co_12-2017_NEW-30-01-2024.png"></div></a>  </div>  </div>   <div class="container">  <div class="header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div>   <div class="header-add-place"> <div class="desktop-add" style="padding-top:20px;"> <div id="adbannerwrapjs"><a href=" " target="_self"><img src="" ALT=""></a><div class="sidebar-add-place hidden-md-down"> <a href="https://lumera.com/en/insights/closing-the-customer-empowerment-gap/?mtm_campaign=UK%20Q1-2%2025&mtm_source=pensionsage&mtm_content=ebook" target="_blank"><img src="/pa/images/UK_campaignQ1_2025_eBook_banner_728x90.jpg" border="0"></a> </div></div> </a> </div> </div>   <nav class="navbar navbar-default" id="mobile-nav"> <div class="navbar-header"> <button type="button" class="navbar-toggle" data-toggle="collapse" id="sidenav-toggle"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <div class="sidenav" data-sidenav data-sidenav-toggle="#sidenav-toggle"> <button type="button" class="navbar-toggle active" data-toggle="collapse"> <span class="icon-bar"></span> <span class="icon-bar"></span> <span class="icon-bar"></span> </button> <div class="sidenav-brand"> <div class="sidenav-header-logo"><a href="/pa/index.php"><img src="/pa/img/pa-logo.gif" alt="Site Logo" /> </a></div> </div> <ul class="sidenav-menu"> <li class="active"><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li><a href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li><a class="active">Other Awards</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li><a class="active">Conferences</a> <div class="icon-sub-menu" data-sidenav-dropdown-toggle><span class="sidenav-dropdown-icon show" data-sidenav-dropdown-icon></span><span class="sidenav-dropdown-icon up-icon" data-sidenav-dropdown-icon></span></div> <ul class="sidenav-dropdown" data-sidenav-dropdown> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li>  <li><a href="/pa/events.php">Events</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li><a href="/pa/podcast-archives.php">Podcasts</a></li> </ul> </div> </nav>  </div>   <div class="navbar" id="fixed-navbar">  <div class="main-menu nav navbar-collapse collapse" id="fixed-navbar-toggle">  <div class="container">  <ul class="nav navbar-nav"> <li><a href="/pa/index.php">Home</a></li> <li><a href="/pa/aboutus.php">About</a> </li> <li><a href="/pa/signuppa.php">Sign Up</a> </li> <li><a href="/pa/contactus.php">Contact</a></li> <li><a href="/pa/video-archives.php">Videos</a></li> <li><a href="/pa/pensionsblog.php">Blog</a></li> <li class="button-job-js" style="background-color: #fcfcfc;border-top: solid 1px #d4000e;border-bottom: solid 1px #d4000e;"><a style="color: #d4000e; font-weight: 500;" href="/jobs">Jobs</a></li> <li><a href="/pa/pa-digital-editions.php">Digital Editions</a></li> <li><a target="_blank" href="http://www.pensionsage.com/awards/">Pensions Age Awards</a></li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Other Awards</a> <ul class="dropdown-menu"> <li><a target="_blank" href="http://www.europeanpensions.net/awards/">European Pensions Awards</a> </li> <li><a target="_blank" href="http://www.europeanpensions.net/irishawards/">Irish Awards</a></li> </ul> </li> <li class="dropdown"> <a class="dropdown-toggle" data-toggle="dropdown">Conferences</a> <ul class="dropdown-menu"> <li><a target="_blank" href="https://www.pensionsage.com/springconference/">Spring Conference</a></li> <li><a target="_blank" href="https://www.pensionsage.com/northernconference/">Northern Conference</a></li>  <li><a target="_blank" href="https://www.pensionsage.com/autumnconference/">Autumn Conference</a></li>   </ul> </li> </ul>  </div>  </div>   <div class="second-menu navbar" id="nav-below-main">  <div class="container">  <div class="collapse navbar-collapse nav-below-main">  <ul class="nav navbar-nav">  <li><a href="/pa/events.php">Events</a></li> <li><a href="/pa/roundtable-archive.php">Roundtables</a></li> <li><a target="_blank" href="http://www.europeanpensions.net/ep/">European Pensions</a></li> <li style="background-color: #ed1c24;"><a style="color: white;font-weight: 500;" href="/pa/podcast-archives.php">Podcasts</a></li> </ul>  </div>   <div class="clock"> <div id="time"></div> <div id="date"></div> </div>  </div>  </div>  </div> </header>   <section id="main-section" class="box">   <section class="module">  <div class="container" style="padding: 25px 0 0 0 !important;">   <div class="outer"> <div class="breaking-ribbon"> <h4>Latest News</h4> </div>  <div class="newsticker"> <ul> <li> <h4><a href="/pa/plans-for-LGPS-valuation-and-employer-contribution-review-confirmed.php"> LGPS valuation and employer contribution review confirmed</a></h4> </li> <li> <h4><a href="/pa/Zedra-partners-with-heka-global-to-trace-missing-members.php"> Zedra partners with Heka Global to use AI to trace missing members</a></h4> </li> <li> <h4><a href="/pa/majority-of-uk-adults-to-adjust-estate-planning-ahead-of-iht-rule-change.php"> Majority of UK adults to adjust estate planning ahead of IHT rule change</a></h4> </li> <li> <h4><a href="/pa/this-week-in-pensions-17-21-february-2025.php"> This week in pensions: 17-21 February 2025</a></h4> </li> <li> <h4><a href="/pa/news-in-brief-21-February-2025.php"> News in brief - 21 February 2025</a></h4> </li> <li> <h4><a href="/pa/TPR-confirms-changes-to-master-trust-supervision-approach.php"> TPR confirms changes to master trust supervision</a></h4> </li> </ul> <div class="navi"> <button class="up"><i class="fa fa-caret-left"></i></button> <button class="down"><i class="fa fa-caret-right"></i></button> </div> </div>  </div>   </div> </section>   <section class="module"> <div></div>  <div class="container" style="padding: 0;">  <div class="row no-gutter">  <div class="col-md-7">  <div class="row no-gutter"> <div class="col-md-12"> <div id="adbannerwrapjsx"><center><a href="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/springconference/" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/728x90__MPU---animated-pa-spring-conf-1124.gif" border="0""></a></center></div> </div> </div>  <div class="row no-gutter" style="margin-bottom:20px;"> <div class="col-md-12"> <div id="adbannerwrapjs"><a href="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_728x90 animated.gif" border="0""></a></div> </div> </div>  <article class="post post-full clearfix"> <div class="title-left title-style04 underline04"> <h2 style="font-weight: 500;line-height: normal;font-size: 3rem;"> Guest comment: Ending the small pots epidemic </h2> </div> <div class="post-meta-elements" style="margin: 10px 0 10px 0; width: 100%; background-color: #f7f7f7; padding: 5px 10px; color: #101010;"> <address class="post-meta-author author"> <i class="fa fa-user"></i>By IFS research economist, Laurence O’Brien</address> <time pubdate datetime="18/2/25" class="post-meta-date"> <i class="fa fa-calendar"></i>18/2/25</time> </div> <div class="entry-main"> <div class="entry-content"> <p>Automatic enrolment has been a huge success in increasing the number of employees saving in a workplace pension. However, private-sector employees usually get a new pension pot every time they move employer. <br /> <br /> So by the time people reach retirement, they can end up with their pension savings scattered across several pots, some of which can be very small. <br /> <br /> In 2023, there were an astonishing 12.1 million defined contribution (DC) pension pots worth under £1,000 that are no longer contributed to (deferred). <br /> <br /> They contained over £4 billion in total. These numbers have been increasing rapidly and will continue to grow without policy action.<br /> <br /> The<a href="https://www.pensionsage.com/pa/govt-urged-to-take-action-to-stop-and-reverse-proliferation-of-small-pension-pots.php"> proliferation of these deferred small pension pots is burdensome </a>for both pension providers and savers. Fixed costs of administering a pot lead to higher charges, and lower returns, for savers. <br /> <br /> Having savings spread over several small pension pots also makes it easier to lose track of their savings, and makes it harder for them to make sensible drawdown decisions in retirement. <br /> <br /> This is especially a problem for lower earners and women who tend to accumulate more small pots. Our new illustrative modelling suggests that, over a nine-year period, over half of pots accumulated by women will be worth under £5,000, compared to one in three pots accumulated by men.<br /> <br /> The status quo is not fit for purpose. The key question is then: how should policy respond?<br /> There is a strong case for the automatic consolidation of deferred small pension pots, with the option for individuals to opt out if they wish. <br /> <br /> This would reduce the stock of uneconomical pension pots, benefiting savers. It would also make it easier for individuals to manage their pensions. And it need not change the administrative burden on employers. This could be implemented through the creation of a central clearing house. <br /> <br /> How should this automatic consolidation work? First, individuals who have more than one pot with the same pension provider should have all these pots automatically consolidated into the pot that represents the best value for money.<br /> <br /> Besides same-scheme consolidation, a key question is which pot to consolidate deferred small pots into. The two most sensible choices would be either one of a set of government-approved consolidators (the ‘multiple default consolidator approach’) or a member’s current pot (the ‘pot follows member’ approach). <br /> <br /> Either choice would be a significant improvement on the status quo. <br /> <br /> Another important question is what size of pot to automatically consolidate – that is, how small is a small pot? <br /> <br /> The case for consolidation is strongest for the smallest pots. It would be sensible to start by automatically consolidating the smallest deferred pots (e.g. under £1,000) to ensure the policy is working well before any larger pots are moved. <br /> <br /> However, there would be merits to going further, and moving towards a system where people end up with just one, or a very small number, of DC pension pots as they approach retirement. This would help people make good decisions on using their pension savings in retirement. <br /> <br /> This could be achieved by increasing the size limit for the consolidation of deferred pots. This would probably be more feasible under ‘pot follows member’ than under ‘multiple default consolidator’ due to potential anti-competitive effects of consolidating more and more pots into a small number of schemes.<br /> <br /> Given the large, and growing, number of deferred small pots, and the challenges they pose for providers and savers, government action is needed. This issue has been around for more than a decade now, and it’s high time for the government to legislate for automatic consolidation.</p> <br> <hr> <div class="sharewrap"> <div class="sharestorytext">Share Story:</div> <div class="jsiconwrap"> <a href="https://x.com/intent/tweet?text=Guest comment: Ending the small pots epidemic&url=https://pensionsage.com/pa/Guest-comment-ending-the-small-pots-epidemic.php"> <i class="fa-brands fa-square-x-twitter" style="color:black;"></i> </a> </div> <div class="jsiconwrap"> <a href="http://www.linkedin.com/shareArticle?url=https://pensionsage.com/pa/Guest-comment-ending-the-small-pots-epidemic.php"> <i class="fa-brands fa-linkedin" style="color:#3371b7;"></i> </a> </div> </div> </div> </div> </article>  <div class="comment-title title-style01"> <h3>Recent Stories</h3> </div>  <div class="article"> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Geoghegan-Staff-pension-scheme-completes-1.5m-buy-in-with-Just.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/handshake.gif"></a></div> <div class="content"> <h3><a href="/pa/Geoghegan-Staff-pension-scheme-completes-1.5m-buy-in-with-Just.php?utm_source=jsrecent">Geoghegan & Company Staff Pension Scheme completes £1.5m buy-in with Just</a></h3> <div> <a href="/pa/Geoghegan-Staff-pension-scheme-completes-1.5m-buy-in-with-Just.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/TPTIM-launhces-720m-grade-bond-fund.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/investment.jpg"></a></div> <div class="content"> <h3><a href="/pa/TPTIM-launhces-720m-grade-bond-fund.php?utm_source=jsrecent">TPTIM launches £720m investment grade bond fund</a></h3> <div> <a href="/pa/TPTIM-launhces-720m-grade-bond-fund.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> <div class="entry-block-small"> <div class="entry-image"><a class="img-link" href="/pa/Guest-comment-ending-the-small-pots-epidemic.php?utm_source=jsrecent"><img class="img-responsive img-full" src="/pa/images/pig-coins-510x200.jpg"></a></div> <div class="content"> <h3><a href="/pa/Guest-comment-ending-the-small-pots-epidemic.php?utm_source=jsrecent">Guest comment: Ending the small pots epidemic</a></h3> <div> <a href="/pa/Guest-comment-ending-the-small-pots-epidemic.php?utm_source=jsrecent"><span class="read-more">READ STORY</span></a> </div> </div> </div> </div>   <div class="row no-gutter"> <div class="col-md-12"> <div style="float:left;width:100%;"> <div id="adbannerwrapjs"><a href=" https://www.plsa.co.uk/Events/Conferences/Investment-Conference?utm_source=website&utm_medium=banner&utm_campaign=IV25_PA&utm_id=iv25" target="_blank"><img src="https://www.pensionsage.com/pa/../../pa/images/thumbnail_IV25-banner---728x90px.jpg" border="0""></a></div> </div> </div> </div> <br>  </div>   <div class="col-md-3">  <div class="sidebar-add-place"><a href="/pa/peoples-pension-mpu-29102024-removed-2024-11-27-jw-live-2025-01-30-jw" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/peoplespensionadv3/index.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div>  <div class="sidebar-add-place"><a href="/pa/lumera-ad-mpu-mobile-only" class="link-06c"></a><p class="rightsmall"><div class="sidebar-add-place hidden-md-up"> <a href="https://lumera.com/en/insights/closing-the-customer-empowerment-gap/?mtm_campaign=UK%20Q1-2%2025&mtm_source=pensionsage&mtm_content=ebook" target="_blank"><img src="/pa/images/UK_campaignQ1_2025_eBook_banner_300x250.jpg" border="0"></a> </div></p></div> <div class="sidebar-add-place"><a href="/pa/gravis-mpu-feb-2025" class="link-06c"></a><p class="rightsmall"> <div class="sidebar-add-place"> <iframe src="/pa/gravis-feb-25.html" scrolling="no" width="300" height="250" frameBorder="0" marginwidth="0" marginheight="0" hspace="0" vspace="0"></iframe> </div></p></div> <div class="jswrap4"><div class="jstitle4">Being retirement ready</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/BlackRock 270x150.jpg" controls="" width="100%"><source src="/pa/jwplayer/BlackRock-retirement-report.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’</div></div></div> <br> <div class="jswrap4"><div class="jstitle4">Time for CDI</div><div class="jswrap5"><video class="jsvideo4" poster="/pa/images/axa-270X170.jpg" controls="" width="100%"><source src="/pa/jwplayer/Axa-PA-interview.mp4" type="video/mp4"><source src="/jwplayer/" type="video/ogg"> Your browser does not support HTML5 video.</video></div><div class="jswrap6"><div class="jstext4">Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview</div></div></div> <br>  <div class="sidebar-add-place"><a href="/pa/crowe-survey-pa-ir-jt" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/survey/" target="_blank"><img src="/pa/images/survey_mpu-2025-crowe-mpu.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="sidebar-add-place"><a href="/pa/signup-new-mpu-0124" class="link-06c"></a><p class="rightsmall"><div style="padding-top:0px;"><a href="https://www.pensionsage.com/pa/signuppa.php" target="_blank"><img src="/pa/images/pa_mpu-enews_advert-012024.jpg" border="0" alt="BANNER" title="BANNER"></a></div></p></div> <div class="jswrap4"><div class="jstitle4">The role of CDC</div><div class="jswrap5"><img src="/pa/images/TPT-MainGraphic_.jpg"><audio controls><source src="/pa/podcast/TPTandPensionsAge_Podcast.mp3" type="audio/ogg"><source src="/pa/podcast/TPTandPensionsAge_Podcast.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space</div></div></div> <div class="jswrap4"><div class="jstitle4">Keeping on track</div><div class="jswrap5"><img src="/pa/images/Podcast-main-picture-2new.jpg"><audio controls><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/ogg"><source src="/pa/podcast/PDP-podcast-final.mp3" type="audio/mpeg">Your browser does not support the audio element.</audio></div><div class="jswrap6"><div class="jstext4">In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track</div></div></div> <br> <div class="sidebar-tabs"> <div class="panel"> <div class="panel-body"> <div class="tabbable">  <ul class="nav nav-tabs nav-tabs-solid nav-justified"> <li class="active"><a href="#solid-justified-tab1" data-toggle="tab" aria-expanded="true">Popular</a></li> <li class=""><a href="#solid-justified-tab2" data-toggle="tab" aria-expanded="false">Recent</a></li> <li class=""><a href="#solid-justified-tab3" data-toggle="tab" aria-expanded="false">Jobs</a></li> </ul>  <div class="tab-content">  <div class="tab-pane active" id="solid-justified-tab1"> <ul> <li><a href="/pa/ICAEW-shares-guidance-following-virgin-media-court-ruling.php"> <div class="mostreadnumbers">1</div> <p>ICAEW shares new guidance following 2024 Virgin Media pension ruling</p> </a></li> <li><a href="/pa/low-andbonar-group-retirement-benefits-scheme-agrees-50m-buy-in.php"> <div class="mostreadnumbers">2</div> <p>Low & Bonar Group pension scheme completes £50m buy-in with Just </p> </a></li> <li><a href="/pa/Blog-The-voices-behind-the-megaphone.php"> <div class="mostreadnumbers">3</div> <p>Pension Attention 2024: The voices behind the megaphone </p> </a></li> <li><a href="/pa/One-in-eight-young-people-dont-know-their-pensions-basics.php"> <div class="mostreadnumbers">4</div> <p>One in eight young people don’t know pensions basics </p> </a></li> <li><a href="/pa/govt-faces-scrutinyover-non-indexation-of-pre-1997-pension-rights.php"> <div class="mostreadnumbers">5</div> <p>Govt faces further queries on non-indexation of pre-1997 pension rights</p> </a></li> <li><a href="/pa/Blog-Pension-scams-in-eastenders.php"> <div class="mostreadnumbers">6</div> <p>Blog: Eastenders shines a spotlight on pension scams </p> </a></li> <li><a href="/pa/TPR-calls-for-early-industry-engagement-as-it-outlines-plans-for-2025.php"> <div class="mostreadnumbers">7</div> <p>TPR calls for early industry engagement as it outlines plans for 2025</p> </a></li> <li><a href="/pa/Stubborn-gender-pensions-gap-across-all-ages.php"> <div class="mostreadnumbers">8</div> <p>Research highlights 'stubborn' gender pensions gap across all ages </p> </a></li> <li><a href="/pa/TPO-upholds-complaint-against-George-Tidbury-for-unpaid-pension-contributions.php"> <div class="mostreadnumbers">9</div> <p>TPO upholds complaint against employer for failure to pay outstanding pension contributions</p> </a></li> <li><a href="/pa/Blog-Pensions-Awareness-Week-2024.php"> <div class="mostreadnumbers">10</div> <p>Blog: Pensions Awareness Week 2024</p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab2"> <ul> <li><a href="/pa/research-reveals-pensions-industry-confusion-over-govt-priorities.php"> <div class="mostreadnumbers">1</div> <p>Research reveals industry confusion over govt's pension priorities</p> </a></li> <li><a href="/pa/Govt-confirms-plans-to-move-to-speedup-securities-trade.php"> <div class="mostreadnumbers">2</div> <p>Govt announces plans to speed up up securities trades</p> </a></li> <li><a href="/pa/Inflation-increase-could-cause-significant-implications-for-pensions.php"> <div class="mostreadnumbers">3</div> <p>Inflation increase could cause 'significant' implications for pensions </p> </a></li> <li><a href="/pa/Savers-at-risk-of-draining-pension-pots-as-lump-sums-prove-too-tempting.php"> <div class="mostreadnumbers">4</div> <p>Savers at risk of 'draining' pension pots as lump sums prove too tempting </p> </a></li> <li><a href="/pa/Pension-disengagement-could-cost-workers-over-500-000-in-retirement.php"> <div class="mostreadnumbers">5</div> <p>Pension disengagement could cost workers over £500,000 in retirement </p> </a></li> <li><a href="/pa/Mercer-agrees-acquisition-of-Secor-Asset-Management.php"> <div class="mostreadnumbers">6</div> <p>Mercer agrees acquisition of Secor Asset Management</p> </a></li> <li><a href="/pa/Nearly-half-of-Brits-would-tell-their-younger-selves-to-start-saving-earlier.php"> <div class="mostreadnumbers">7</div> <p>Nearly half of Brits would tell their younger selves to start saving earlier</p> </a></li> <li><a href="/pa/TPTIM-launhces-720m-grade-bond-fund.php"> <div class="mostreadnumbers">8</div> <p>TPTIM launches £720m investment grade bond fund </p> </a></li> <li><a href="/pa/Two-thirds-of-Millennials-worried-about-not-saving-enough-for-retirement.php"> <div class="mostreadnumbers">9</div> <p>Two thirds of Millennials worried about not saving enough for retirement </p> </a></li> <li><a href="/pa/Guest-comment-ending-the-small-pots-epidemic.php"> <div class="mostreadnumbers">10</div> <p>Guest comment: Ending the small pots epidemic </p> </a></li>  </ul> </div>   <div class="tab-pane" id="solid-justified-tab3"> <ul> <li><a href="/jobs/senior-pension-scheme-events-analyst-18-02-2025.php"> <div class="mostreadnumbers">1</div> <p>Senior Pension Scheme Events Analyst</p> </a></li> <li><a href="/jobs/Senior-Pension-Trustee-Governance-Consultant-17-02-2025.php"> <div class="mostreadnumbers">2</div> <p>Senior Pension Trustee Governance Consultant</p> </a></li> <li><a href="/jobs/Pensions-Admin-Technical-Specialist-12-02-2025.php"> <div class="mostreadnumbers">3</div> <p>Pensions Admin & Technical Specialist</p> </a></li> <li><a href="/jobs/db-administration-team-leader-11-02-2025-18-02-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">4</div> <p>DB Administration Team Leader</p> </a></li> <li><a href="/jobs/senior-pensions-secretariat-and-governance-consultant-11-02-2025.php"> <div class="mostreadnumbers">5</div> <p>Senior Pensions Secretariat & Governance Consultant</p> </a></li> <li><a href="/jobs/senior-pensions-manager-11-02-2025.php"> <div class="mostreadnumbers">6</div> <p>Senior Pensions Manager</p> </a></li> <li><a href="/jobs/pension-trustee-governance-manager-in-house-31-01-2025-11-02-2024-REMOVED-DWB.php"> <div class="mostreadnumbers">7</div> <p>Pension Trustee Governance Manager, in-house</p> </a></li> <li><a href="/jobs/pensions-data-director-31-01-2025-11-02-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">8</div> <p>Pensions Data Director</p> </a></li> <li><a href="/jobs/pensions-projects-team-manager-31-01-2025-11-02-2025-REMOVED-DWB.php"> <div class="mostreadnumbers">9</div> <p>Pensions Projects Team Manager</p> </a></li> <li><a href="/jobs/senior-technical-analyst-31-01-25.php"> <div class="mostreadnumbers">10</div> <p>Senior Technical Analyst</p> </a></li>  </ul> </div>  </div> </div> </div> </div> </div> </div>  <div class="col-md-2"> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/awards/booking_form.php" ALT=""><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_animated-pa-awards-1123.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.europeanpensions.net/awards/entry_form.php" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/EPA2025_ofe_120x600 animated.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.pensionsage.com/springconference/" ALT="BANNER"><img src="https://www.pensionsage.com/pa/../../pa/images/120x600_skyscraper---animated-PA-spring-conference.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="_blank" HREF="http://www.pensionsage.com/pa/link.php?url= https://www.moneyage.co.uk/assetmanagementawards/entry_form.php" ALT="AWARDS"><img src="https://www.pensionsage.com/pa/../../pa/images/WAMA25_finddea2_120x600 animated.gif" border="0""></a> <A HREF="http://www.pensionsage.com/pa/link.php?url= " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> <div class="sidebar-add-place"> <A TARGET="" HREF=" " ALT=""></a> <A HREF=" " ALT=""></a> </div> </div>  </div>  </section>   <IMG SRC="https://ad.doubleclick.net/ddm/trackimp/N830975.140386PENSIONSAGE/B33176015.415263817;dc_trk_aid=607817859;dc_trk_cid=230580617;ord=1740150168;dc_lat=;dc_rdid=;tag_for_child_directed_treatment=;tfua=;gdpr=${GDPR};gdpr_consent=${GDPR_CONSENT_755};ltd=;dc_tdv=1?" attributionsrc BORDER="0" HEIGHT="1" WIDTH="1" ALT="Advertisement"> <div class="container"> <div class="card" style="margin-top: 70px"> <div class="card-body"> <div id="fillme"></div> </div> </div> </div>  <div class="text-center cookiealert" role="alert"> We use cookies to ensure you get the best experience on our website. I confirm I am an institutional investor. <a href="http://www.perspectivepublishing.com/privacy_policy.html" target="_blank" style="color: #3fd600;">Learn More</a> <button type="button" class="btn btn-sm acceptcookies"> Accept </button> </div>    <script src="/pa/bootstrap/js/cookiealert.js"></script>  <div id="copyrights">  <div class="container">  <div class="copyright"> © 2019 Perspective Publishing     <a style="color:white;" href="http://www.perspectivepublishing.com/privacy_policy.html">Privacy & Cookies</a></div>   <div class="footer-social-icons"> <ul> <li> <a href="https://www.twitter.com/pensionsage" class="twitter"><i class="fa-brands fa-square-x-twitter"></i></a> </li> </ul> </div>  </div>  </div>  </div>   <script src="/pa/bootstrap/js/jquery-3.1.1.min.js"></script> <script src="/pa/bootstrap/js/bootstrap.min.js"></script> <script src="/pa/bootstrap/js/jquery-ui.min.js"></script> <script src="/pa/bootstrap/js/plugins.js"></script>  <script src="/pa/bootstrap/js/functions.js?ver=1"></script> </body> </html>

CINXE.COM

Guest comment: Ending the small pots epidemic - Pensions Age Magazine