The National Association of Pension Funds (NAPF) welcomed the report published today by the Work and Pensions Select Committee into the operation of the National Employment Savings Trust (NEST).
Darren Philp, Director of Policy, said:
“Everyone deserves access to a decent workplace pension that comes with their job and auto-enrolment is a once in a generation opportunity to get people saving for their retirement.
“The economic landscape has changed significantly since the reforms were legislated and we can see the case for the restrictions on NEST to be removed at the current time.
“We all want NEST to be a success – it is a key part of the UK savings picture going forward. And other players have now entered, so the risk of levelling down has weakened.
“However, the Government still needs to meet its wider commitment to reinvigorate workplace pensions. It must stop prevaricating and press ahead with plans to introduce a flat rate single tier state pension. And it needs to abandon any planned changes to pensions tax relief in the Budget.”
Notes to editors:
The NAPF is the leading voice of workplace pensions in the UK. We speak for 1,200 pension schemes with some 15 million members and assets of around £800 billion. NAPF members also include over 400 businesses providing essential services to the pensions sector.
Paul Platt, Head of Media and PR, NAPF, 020 7601 1717 or 07917 506 683, [email protected]