A new system allowing UK workers' pension savings to automatically follow them when switching jobs may be in place towards the end of 2015, the pensions minister suggested yesterday, completing some of the financial plumbing necessary to make the government's far-reaching pensions reforms work in practice.

Speaking at an event in London on Wednesday, Steve Webb said there was still no precise date for the introduction of the so-called "pot follows member" system, as the databases necessary to make it work are not yet complete. But when asked if it would be introduced in October 2015, to coincide with another reform, he replied: "there or thereabouts".