Pension funds back lifting of NEST restrictions
09 July 2013
The National Association of Pension Funds (NAPF) commented on the Government announcement today (Tues) that it will remove restrictions on the National Employment Savings Trust (NEST) from 2017.
Joanne Segars, Chief Executive, NAPF, said:
“NEST has an important role to play in making auto-enrolment a success, and it should not be held back from doing so.
“There might have been a case for lifting these barriers earlier, but doing so from 2017 provides the clarity and certainty that employers, savers and the pensions market all need.
“The changes to transfer rules and contributions are sensible. Employers will be able to treat NEST like any other pension on the market, and savers will be able to pool their small pension pots into a simpler and bigger fund.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,300 pension schemes with some 16 million members and assets of around £900 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Contacts:
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]
Aimee Savage Richards, Press Officer (interim), 020 7601 1718 or 07825 171 446, [email protected]