National Employment Savings Trust restrictions must be urgently lifted to make the scheme more accessible to both employers and workers, MPs have said.
The work and pensions select committee said certain key restrictions placed on NEST - put in place to address pension provider concern about competition - disadvantage employees and make the scheme too complex for employers to administer. The committee said the annual contribution cap of £4,400 a year should be scrapped and the ban on transfers in and out should be lifted. Committee chairman Dame Anne Begg said: "NEST was set up to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provis...
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
