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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.
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.