NEST restrictions will be addressed in Pension Bill

The Bill, which will introduce the flat-rate state pension and end contracting-out from 2016, as well as bringing in automatic transfers for small pension pots, received its second reading in the House of Commons yesterday. Work and Pensions Committee member Nigel Mills challenged work and pensions secretary Ian Duncan Smith on the current restrictions on transfers into and out of NEST, which were consulted on earlier this year. Duncan Smith said pension minister Steve Webb is "already aware" of the issue regarding NEST and automatic transfers. He added: "Although we will not cover...