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ABI says Government still unrealistic on NPSS costs

The ABI says the Pensions White Paper has set the annual contribution cap too high for NPSS personal accounts and says confusion over means testing still needs to be sorted out.

It has backed the measures designed to protect existing occupational pensions schemes. These include banning transferring in and out of Personal Accounts until 2020, eight years after the scheme is introduced.

Good pensions schemes will be rewarded with “quality” marks

But the move to increase contribution caps from £3,000 to at least £5,000 has been cricisised by the ABI. It has also been slammed by Standard Life head of pensions policy John Lawson. He says it could actually force more employers to revert to NPSS and close their existing schemes.

The ABI says the Government is also still being unrealistic on charges and says the pressure is on the Delivery Authority to make the right decisions and consult appropriately.

ABI’s director general Stephen Haddrill says: “The Government has listened and accepted many of our key concerns, in particular the importance of allowing existing pension provision to thrive.

We remain concerned that the Government is unrealistic on costs and charges, particularly if it wishes the private sector to offer specialised funds, such as for ethical investment. The Authority must be expert and it must consult properly.”

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