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<p>I refer the Noble Baroness to the Written Statement I made on 15 October, HLWS238,
which explains why the time is not right to implement a system to consolidate or aggregate
small pots.</p><p>Members still have a right to request a member-initiated transfer
if they want to move their pots when they change jobs or leave the labour market.
To introduce a system of automatic transfers would be a significant new process for
both schemes and members to get to grips with at a time when the pensions market is
changing fast.</p><p>The introduction of the new State Pension, the continued implementation
of automatic enrolment and the introduction of the pensions flexibilities - allowing
members more freedom and choice about how and when they access their pensions are
all major reforms to pension savings. I believe that the Government, providers, employers
and members need to focus on these reforms to ensure their success.</p><p>The future
pensions market could look different from the current one. It is important that any
system of consolidation is long-lasting and reflects that future landscape.</p><p>This
does not mean that the project has ended and I am very grateful for the contributions
that the industry has made to this project. I fully intend to ensure that the insight
gathered in our extensive engagement with industry should be applied to the model
when work is restarted.</p><p> </p><p><br></p>
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