It is impossible to say how long the 2% charge on National Employment Savings Trust contributions will last for, the Personal Accounts Delivery Authority says.
Chief executive Tim Jones told IFAonline's sister title, Professional Pensions, the terms of the loan were still a "work in progress" and he did not know how long new contributions would face a 2% charge. He saidys: "The secretary of state, representing the taxpayer, is the lender and the trustees of the NEST Corporation will be acting under trust law in the best interests of the members. "They will have a conversation about this loan agreement, which we need to agree the detail of by the summer. "That agreement will set out the terms of the deal - it is still a work in progress. I...
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