CBI urges Government to reform NEST charging structure


Early entrants to NEST will be worse-off for over a decade unless the next government reforms the fees structure, the Confederation for British Industry (CBI) warns.

Last month, Pensions Minister Angela Eagle revealed savers would be hit with a 2% charge on contributions for the first 20 years of the scheme - on top of a 0.3% annual management charge - in order to meet the costs of setting up the scheme. The decision to "front load" charges received a mixed reaction from industry experts. One consultant described it as an "unmitigated tax", while another branded the charges as "outrageous". The business lobby group says it is concerned about the structure of these fees - and warned many staff could quit the scheme should they think they were getti...

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