Pensions Data Project highlights consolidation potential of over 2m small pots across five master trusts
The Pensions Data Project has released its final report from the Private Beta phase, revealing that over 2m small pension pots across five major UK master trusts could be consolidated if all five were designated as default consolidators under current government proposals. Coordinated by the Pensions Policy Institute (PPI) and analysed by PwC, the report highlights gender and age disparities in pension savings and points to the risks associated with fragmented and individual pots. The report further notes that its findings align with ongoing parliamentary scrutiny of the government’s Pension Schemes Bill, which proposes consolidating small defined contribution (DC) pots through multiple default consolidators.