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Responding to the government’s consultation on draft regulations for removing NEST’s annual contribution limit and transfer restrictions, The People’s Pension has called for stability in the pensions market.
NEST was created by the government to support auto-enrolment by serving employers who could not be served by the traditional pensions industry. It was awarded a public subsidy to help finance its public service obligation, to serve any employer, and given an annual contribution limit and transfer restrictions to minimise any distorting impact on the pensions industry.
The government has now decided to lift the annual contribution limit and transfer restrictions, but we are concerned that NEST still has the capacity to cause market distortion. We think that the government needs to answer some important questions before it proceeds. Foremost amongst these is the way that NEST’s charging structure, which includes an upfront contribution charge, will work with transfers.
Our response to the consultation makes the following key points:
Read our response to the consultation: Removal of NEST constraints