The Confederation for British Industry's claim that NEST will be deserted by workers fleeing the 2% charge is "absolute rubbish", Tom McPhail says.
In a statement released yesterday, the CBI claimed current proposals to ‘front load' contribution charges to pay for the set up of the scheme would leave savers worse off for more than a decade. The business lobby group also said it was concerned about the structure of these fees - and warned many staff could quit the scheme should they think they were getting a raw deal. CBI deputy director-general John Cridland said: "The next government needs to revisit the structure of these fees. We must make it easier for the low-paid to save by smoothing the cost, instead of front-loading it. T...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
