Aegon said new measures could benefit many thousands of members otherwise left to languish in poorer performing or higher charging ‘legacy’ schemes.

It welcomed the DWP’s review of Bulk transfers of defined contribution pensions without member consent but has called for more to be done.

The DWP paper focuses on employers consolidating more than one occupational pension scheme or transferring from trust to master trust. It also considers relaxing the restrictions on bulk transfers of stakeholder pension scheme members. Aegon is calling on the DWP to broaden the scope of its review to pave the way for many more members to benefit from bulk transfers without the need for individual consent.

 Steven Cameron, pensions director at Aegon said: “The scenarios where members could benefit from bulk transfers go much wider than those considered in the paper and we are urging the DWP, working with other interested parties, to look broader and bolder. This should include group personal pensions as well as trust-based schemes.

“In other industries, consumers now expect regular product upgrades to the latest technology, service and pricing. Pensions are some of the longest term investments there are, and with low consumer engagement, it is important that the industry works with Government to deliver ‘pensions upgrades’ where clearly beneficial.”