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The People’s Pension has responded to the recent Department for Work and Pensions consultation paper on how government might adapt the National Employment Savings Trust’s (NEST) framework in the future.
The government sets out a list of principles by which to judge whether NEST should be permitted to enter several markets which it is not currently permitted to serve.
Remarkably, this list fails to include a principle of no market distortion. NEST’s original purpose was limited to responding to market failure in the accumulation phase and to avoid distorting the market as a state subsidised provider where there was no such failure.
We believe there is no market failure in at retirement products.
Futhermore we ask that the Government undertake a full market failure analysis before extending NEST’s remit into the production of sophisticated at retirement income products.
If NEST were to be permitted to enter any part of the at retirement market as a provider then we believe this should only be allowed if market failure is demonstrated and NEST members cannot be signposted into suitable products at a suitable price.
You can read our complete consultation response here: NESTConsultation pdf
For further information on this response, or the work of B&CE and The People’s Pension, please contact:
Andy Tarrant, Head of Policy & Government Relations at
firstname.lastname@example.org or 07515 121204.
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 2.4 million members and over 49,000 employer accounts.
Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector.
We tweet as @peoplespension.