DWP consultation on removing NEST restrictions – NAPF comment
06 November 2012
The National Association of Pension Funds (NAPF) welcomed the consultation launched today by the Department for Work and Pensions (DWP) into the operation of the National Employment Savings Trust (NEST).
Darren Philp, NAPF Director of Policy, said:
“We are pleased that the DWP is looking into the possibility of removing the restrictions on NEST.
“The economic landscape has changed significantly since the auto-enrolment reforms were legislated so there is a case for reviewing the restrictions if the evidence shows they are acting as a barrier for employers wanting to use NEST or for employees getting value for money. Other requirements on NEST which limit its ability to compete with other providers in the market, such as its public service obligation to serve all employers, will remain in place.
“NEST is a key part of the UK savings picture going forward, and we want it to be a success.”
Notes to editors:
1. 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. NAPF members include a range of large and small public sector pension funds, such as 75 of the 99 funds that make up the Local Government Pension Scheme (LGPS).
Christian Zarro, Press Officer, NAPF, 020 7601 1718 or 07825 171 446, [email protected]