UK Could Learn From European Neighbours On Accumulated Savings Transparency
21 June 2012 (PLANSPONSOREurope.com) - The UK would do well to learn from its European neighbours in the Netherlands and Denmark enabling employees who contribute to Defined Contribution pots to see their accumulated savings in one place.
Speaking at the National Association of Pension Funds DC conference in London today, and having returned from a fact-finding mission to the continent, Webb explained that both Denmark and the Netherlands employ such systems.
“It is interesting that in Denmark and Holland that both countries have a set up a website where you can log on and see your accumulated pension pot in one place. For us that is entirely complementary and welcome to the small pots agenda. If we could complement a small pot solution with seeing everything in one place solution - that would be great.
He added that in a few weeks’ time that he will report on which system the UK uses on pension pot consolidation following a consultation late last year on whether a pot can follow people around or be passed to a third party.