Standard stands by review timetable
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Standard Life believes the Government’s timetable for reviewing automatic enrolment and Nest could go ahead in 2017 despite reforms being delayed for small firms.
The review will assess auto-enrolment and Nest, including a contribution cap of £4,200 and the ban on transfers in and out.
Standard head of pensions policy John Lawson says: “I am not convinced there is any need to delay the review. By 2017, even most of the firms with fewer than 50 employees will come under the scope of the reforms and the Nest contribution cap will have done its job. The new Parliament starts in 2015, so that gives two years of enrolment of small employers before the review.”
Institute of Directors senior pensions policy adviser Malcolm Small says: “It is possible the Government will review auto-enrolment and Nest based on early learnings in 2017 but it is more likely we will see a review after the project has been rolled out to everyone, which could be as late as 2021.”
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