A Department for Work and Pensions (DWP) plan to tackle small, forgotten pension pots means a £1,000 boost for older people in the UK. There are now 13 million of these small pots, holding £1,000 or less, with the number increasing by around one million a year.

But the Labour Party government is taking action. Each individual’s small pots will be brought together into one pension scheme that is certified as delivering good value to savers.

It comes amid fears that overseeing all these small pots also costs the pensions industry around £225 million in unnecessary admin costs. The shake-up will cut costs for savers and make it easier to keep track of their pensions while boosting living standards and make working people better off.

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