Call for NEST to remove annual contribution limit and transfer ban

Jenna Towler
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The annual contribution cap and pension transfer ban should be retained in NEST's initial period but it is essential they are both reviewed in 2017, David Yeandle says.

Speaking to IFAonline's sister title Professional Pensions after the publication of the Making Automatic Enrolment Work Review, co-author Yeandle said both of these issues needed to be addressed when thinking about the long term future of pensions. At present members can contribute up to £3,600 a year and transfers in and out of NEST are not permitted. He said: "It seems an odd message to be sending - save for your retirement but not more than a certain amount." Yeandle added while pensions minister Steve Webb had not committed entirely to remove the constraints, the 2017 review wa...

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