Which? response to the Government removing the NEST pension contribution cap

In response to the Government lifting the NEST restrictions, Which? executive director Richard Lloyd said:

“We welcome the Government’s commitment today to remove the NEST pension contribution cap and transfer limits by 2017. This will allow people to consolidate their pensions savings in one place and save more money, helping them to be financially secure in retirement.

The Government should look at lifting the restrictions earlier if there is evidence of consumer detriment. We also need to see minimum standards for workplace pensions as soon as possible to give people confidence that they are being automatically enrolled into high quality and good value schemes.”