Insurers have warned against "distracting" the National Employment Savings Trust (NEST) from its original purpose by lifting government-imposed restrictions.
The Department for Work and Pensions' call for evidence on removing the annual contribution limit of £4,400 and transfer ban closed on Monday. In response providers argued NEST could lose focus on its target market of low-earners and small companies if it is released from the constraints. Legal & General pensions strategy director Adrian Boulding (pictured) said NEST could struggle to cope with the 30,000 firms employing 62-250 workers which reach their staging dates in April-July 2014. Standard Life head of workplace strategy Jamie Jenkins argued NEST should first prove it has met...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
