Following consultation from October to December 2014, draft legislation has been published to remove the annual contribution limit and the transfer restrictions on 1 April 2017. The Government also retains the option to remove the individual transfer restrictions earlier, from 1 October 2015, to coincide with the introduction of automatic transfers. The National Employment Savings Trust (Amendment) Order 2015 was laid before Parliament on 16 December 2014. The draft Transfer Values (Disapplication)(Revocation) Regulations do not need Parliamentary approval and subject to approval of the amendment order, these will be made in spring 2015.
Appointment of new Trustees to the National Employment Savings Trust (NEST) Corporation
11 March 2015
Three new Trustees have been appointed to the National Employment Savings Trust (NEST) Corporation.
Minister for Pensions Steve Webb announced the appointment of three new Trustees to the National Employment Savings Trust (NEST) Corporation at the end of February.
The appointments of Sally Bridgeland, Caroline Rookes and Jill Youds will commence on 1 April 2015.
Minister for Pensions Steve Webb said:
“I am very pleased to announce that Sally Bridgeland, Caroline Rookes and Jill Youds will be joining the NEST Trustee Board. They bring a wealth of experience, expertise and skills from both the public and private sector which will prove valuable to NEST in the years ahead. With well over 1.8 million members, NEST is already one of the biggest pension schemes in the UK. It is playing a vital role in the success of automatic enrolment, ensuring that all employers have access to a high quality, low cost pension scheme for their workers.”
NEST reaches 2 million members
31 March 2015
NEST has taken on 1 million workers in a year, doubling the number of members it is helping save for retirement.
NEST has announced that it has enrolled 2 million members in just under 2 and a half years, translating to a new member joining NEST (National Employment Savings Trust) every 40 seconds.
Tim Jones, NEST CEO, says:
“Just two and a half years ago auto enrolment entered the pension scene, helping millions of workers get started in a workplace pension. I’m delighted to see pension saving becoming the norm for the many, not just the few. NEST is doing what it was set up to do alongside the private sector – we have now enrolled over 2 million members and are working with over 13,000 employers. This is a great start and we are continuing to develop our tools and services to meet employer demand.”
Otto Thoresen, recently appointed NEST’s Trustee Chair, comments:
“This is a major milestone for NEST but this is only part of a longer journey. This year 45,000
CIPP Policy News Journal
08/04/2015, Page 444 of 521
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