This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM-Cover-Top-310714.jpg
Categories:Advisers,Pensions

Webb: Auto-enrolment review will go ahead in 2017

  • Print
  • Comments (1)

Pensions minister Steve Webb says the review of auto-enrolment will go ahead in 2017 as planned and is likely to look at more than just restraints on Nest.

Giving evidence to the work and pensions select committee last week, Webb said: “We do not anticipate a delay in the review. It will be five years into the roll-out and we think by then it will be pretty clear what is happening to the market, opt-out rates and so on. You could put it back a year but it is in statute for 2017, so that is the obvious point to review the whole process.”

In December, NAPF chief executive Joanne Segars told the committee it would be “odd” if the review went ahead before all employers have introduced auto-enrolment schemes and have reached the minimum contribution level of 8 per cent. The delay to implementing auto-enrolment means this will now happen in 2018.

The statutory requirement is only to review the bans on transfers in and out of Nest and the contribution cap of £4,200.

Webb said: “The Secretary of State can add other aspects and I am sure we will want to look at the whole process of rollout.”

Facts and Figures managing director Simon Webster says: “Removing restrictions might make it a bit more attractive but I would not want a state-sponsored quango near my pension, no matter how cheap.”

  • Print
  • Comments (1)

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Taxbriefs Advantage
Advantage is a digital reference source giving unbiased, independent, answers to your technical queries. Subscribe to Taxbriefs Advantage.

Readers' comments (1)

  • Like a terrier that Webb. Awesome man. Any danger of stopping cash bribes to leave final salary schemes or anything like that in the near future Steve old boy? You know, something that might actually make a difference?

    Unsuitable or offensive? Report this comment

Have your sayEdit my profile/screen name

You must sign in to make a comment

The Cost of Advice

Sponsored by Brooks Macdonald

Fund Data

Editor's Pick



Poll

Do you think we will see a surge in pensions liberation activity in the wake of the Budget?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments