Gov't Looks To Further Boost Pension Scheme Consolidation

Law360, London (June 21, 2021, 4:57 PM BST) -- The government said on Monday that it wants midsized pension schemes in Britain to consolidate into larger plans, as it seeks to provide greater financial security for long-term savers.

The Department for Work and Pensions has launched a consultation on what is preventing retirement savings plans with assets of between £100 million ($140 million) and £5 billion from winding up and moving members to a larger, multi-employer scheme, known as a master trust.

The ministry believes that such trusts are better governed and offer improved protection for the retirement savings of Britons than smaller, single-employer plans.

"There is no doubt in...

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