Consultation outcome

National Employment Savings Trust: removal of the annual contribution limit and transfer restrictions

• From: Department for Work and Pensions and National Employment Savings Trust (NEST) Corporation
• Published: 9 October 2014
• Last updated: 16 December 2014 — See all updates

This was published under the 2010 to 2015 Conservative and Liberal Democrat coalition government

This consultation has concluded

Read the full outcome

Government response to the consultation on the draft National Employment Savings Trust (Amendment) Order 2015 and the draft Transfer Values (Disapplication) (Revocation) Regulations 2015

PDF, 63.6 KB, 7 pages

Detail of outcome

This document sets out the government’s response to the consultation on 2 draft statutory instruments about the National Employment Savings Trust (NEST).

We intend to lay before Parliament the draft National Employment Savings Trust (Amendment) Order 2015 on 16 December 2014.

The draft Transfer Values (Disapplication)(Revocation) Regulations do not need Parliamentary approval. Subject to approval of the amendment order, these will be made in spring 2015.

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Original consultation

Summary

These draft regulations remove annual contribution limits and transfer restrictions on National Employment Savings Trust (NEST) pensions.

This consultation ran from
9:30am on 9 October 2014 to 11:45pm on 29 October 2014

Consultation description

This consultation seeks views on 2 draft statutory instruments about the National Employment Savings Trust (NEST). The proposed statutory instruments will remove the annual contribution limit and transfer restrictions on NEST from 1 April 2017.

NEST is a trust-based, occupational pension scheme established by the government to support automatic enrolment. It is designed to provide a quality, low-cost pension scheme targeted at low to moderate earners and smaller employers.

We particularly welcome views from legal advisers, pension industry professionals, trustees and scheme managers and from any other interested stakeholder group.

Documents

National Employment Savings Trust (Amendment) Order 2015 and Transfer Values (Disapplication) (Revocation) Regulations 2015

PDF, 107 KB, 15 pages

Published 9 October 2014
Last updated 16 December 2014 + show all updates

1. 16 December 2014

   Published the government's response to the consultation.

2. 9 October 2014

   First published.