Pension pots to be more portable

Pension pots will follow workers as they change jobs, according to new plans announced by pensions czar Steve Webb today. Many employees’ pensions are tied to their employer under current rules, meaning that when they move job they can lose access. But the new plans will consolidate the small individual funds built up at different firms into one individual-centred pot. The Association of British Insurers came out firmly behind the measure, saying the plans will cut down on the number of lost pots and increase choice for savers.