No, not a new version of ‘The Clash’ classic, but a reflection on where we are with the restrictions that were placed on The National Employment Savings Trust (NEST) at outset.
I have written extensively on this point in the past, and time is against me right now, so this will have to be a shortened version of the tale. The edited highlights of this story are as follows:
Certain restrictions (a contribution cap and transfer embargo) were placed on the NEST proposition when it was first established, presumably so that it would not be anti-competitive. These restrictions are due to be lifted in 2017.
The Shadow Pensions Minister, Gregg McClymont (and others) has been campaigning to have these limitations removed earlier.
I contributed to a DWP consultation on this point prior to Christmas, and the outcome of that will presumably be the official answer.
In the meantime, The Pensions Minister, Steve Webb, has added some more thoughts on this as outlined here:
Which suggests that any removal of these restrictions may still be some way off.
This seems to be a bit of a tricky one for the legislators. Perhaps they have taken some of the lyrics from the above mentioned song to heart?
If they go there will be trouble,
And if they stay it will be double
As ever, will keep you updated on this one.
Best regards
Steve
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