AUTOMATIC ENROLMENT
Synopsis: Legislation published to remove the annual contribution limit and the transfer restrictions on NEST.
The National Employment Savings Trust (Amendment) Order 2015 (2015/178) has been published removing the annual contribution limit and the transfer restrictions on NEST with effect from 1st April 2017.
The National Employment Savings Trust (NEST) was set up alongside the introduction of automatic enrolment to be a pension provider which any employer would be able to use for any worker. To prevent NEST from having an unfair advantage over commercial pension providers that do not have government backing, various constraints were placed upon it including an annual contribution limit and transfer restrictions.
However, following a consultation that ran from October to December 2014, legislation has now been published removing the annual contributions limit and NEST will be able to accept cash transfers-in from1st April 2017.
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