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Pensions Bill [HL]

This amendment tries to deal with the problem of stranded pension pots. The wording is inadequate and rather than reading, "““transfers of qualifying pension schemes””," it should read, "““transfer of individual entitlement into the national employment savings trust””." What the amendment seeks to do is to provide some protection for individuals who have a number of small pension pots. We are aware that NEST is meant to supply a gap in the market for those companies and individuals unable to find pension provision elsewhere. Inevitably, small saving pots will be left in a variety of different schemes which will be a problem, not only for the employees but also for the employers. So in the interest of simplification, every attempt should be made to encourage some consolidation of these pension pots and we would like to see the Secretary of State making regulations to that effect so that these transfers can easily happen. I beg to move.