The government plans to legislate for the lifting of NEST's contribution cap and transfer restrictions in 2017.
NEST today welcomed the the move, saying it provided certainty for employers and members. However Aegon has previously said that restrictions placed on NEST are there to protect savers from poor retirement outcomes and should not be scrapped. The provider said lifting the ban on transfers in and out of the scheme, and scrapping the maximum contribution limits would be a mistake and could result in the wrong kind of pension savers using NEST. Minister for pensions Steve Webb said in a ministerial statement today that the government would legislate as soon as possible for the removal...
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