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As someone running a small business who already found auto enrolment costly to administer, I’m cautiously optimistic about scale here.. if small fragmented pots get pooled into fewer, larger, better negotiated schemes, that should in theory reduce administrative overhead for employers too. My worry is the transition period,
because consolidating live pension assets across providers is operationally complex and I’ve
seen enough IT migrations go wrong to be nervous about data getting mishandled during
the switch. I’d want clear guarantees that nobody’s pot gets lost or miscounted mid
transfer
It’s worth being clear this Act is mainly about defined contribution schemes and how they’re run, not defined benefit schemes like older-style final salary pensions, which operate under different rules entirely. If you’re in a DB scheme through a long standing employer, most of what’s in this Act won’t directly touch your benefits, though separate provisions in the same legislative process dealt with historic legal issues affecting some DB schemes following a well known court case. It’s easy to conflate all pension reform into one bucket, but DC savers and DB members are affected quite differently here
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