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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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DWP examine impact of Nest restrictions on automatic enrolment

The Department for Work and Pensions (DWP) is seeking views and evidence on whether Nest (National Employment Savings Trust) restrictions are influencing businesses’ choice of automatic enrolment scheme.

Although the restrictions, which include a contribution cap of £4,400 and a ban on transfers, are intended to keep the scheme focused on its target market, a March report from the work and pensions select committee argued that they should be removed “as a matter of urgency”, before the restrictions are set to come up for review in 2017, in order to make the scheme more competitive.

Explaining the motivation behind the evidence sought out by the DWP Pensions minister Steve Webb said: “We are already seeing the positive effect that Nest is having on the world of pensions.

“Workers are being signed up for workplace pension schemes at much lower charges than in the past and firms have much more choice of provider than in the past. But we need to make sure that this continues as automatic enrolment moves on to smaller firms and that the constraints on Nest are not a barrier to good consumer outcomes.”

Earlier this year, Nest chief executive Tim Jones admitted that “there is some evidence to suggest the restrictions are having detrimental effects and unintended consequences by restricting employer choice.”

The government has published a range of alternative approaches to the contribution cap and transfer ban designed to “stimulate debate”.
Leading firms, including the BBC, McDonald’s, BT, Travelodge and The JSA Group, are among those turning to Nest as part of a solution to provide pension schemes for non-enrolled workers.

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