NEST restrictions go so workers can save more into pensions

The government will lift restrictions placed on the National Employment Savings Trust (Nest) in 2017, meaning workers will be allowed to save more and transfer existing pensions into the scheme. The government-backed Nest will become the default scheme for many employers who are required to offer a workplace pension to employees under the policy of auto-enrolment. However, restrictions were placed on Nest when it was set up as a concession to the insurance companies against whom it competes. These meant that no more than £4,500 could be contributed each year and there was a ban on transfer savings in and out of the scheme, meaning employees in Nest could not consolidate all their pensions in one place. The restrictions were designed to ensure Nest focused on its target market of smaller firms and low-to-moderate earners. However, a review of the scheme three years ago recommended lifting the restrictions in 2017 and last year MPs on the Work and Pensions Select Committee recomme
http://www.pensiondrawdownuk.co.uk/nest-restrictions-go-so-workers-can-save-more-into-pensions.html