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Leaked white paper reveals two admin alternatives for NPSS

The Government will be proposing two alternatives to the administration of NPSS according to leaked details from the white paper on pension reform.

The leak to The Guardian this morning suggests that the administration of the national scheme could be organised through providers managing personal accounts.

This would allow individuals to choose their own accounts from a limited number of firms.

The second alternative is in line with the proposals set out by Lord Turner in his second report, where the scheme would be administered through a single, Government-owned organisation.

It is believed that the paper looks at charges, focussing on an annual management charge of 0.5 per cent for NPSS in comparison with current charges of around 1.5 per cent. Lord Turner originally proposed an AMC of 0.3 per cent.

The white paper also points out that overall spending needs to rise from 6.3 per cent of GDP to about 9.7 per cent of GDP by 2050 for the level of the state pension to remain steady.

The Government is also understood to be proposing an enforcement regime which would ensure employers co-operate fully the automatic enrolment scheme, in a similar manner to the enforcement of the minimum wage.

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