View more on these topics

Nest in negotiations for platform deal

The national employment savings trust is in talks with platform providers about the possibility of integrating Nest into their pension propositions.

In an interview with Money Marketing, Nest director of market and member engagement Paul Gilbody says the DWPbacked pension scheme is in discussions with up to six platforms over the possibility of offering Nest as an option to their customers. He says: “We are having discussions but Nest is just an option, people will not have to use it if they choose not to.”

Gilbody says the scheme will establish panels representing both members and employers before it launches this year. The panels, whose membership has yet to be confirmed, will hold the scheme trustees to account.

Nest will shortly issue a tender for providers to join an annuity panel as it looks to build the shopping-around process for its members. The panel’s annuities will be offered alongside the open market option.

Gilbody says: “It is important to cement the point that we are not competing with Sipps and we are not competing with GPPs. This is a new product.”

Recommended

9

FSA fines lead to fall in costs for advisers

The FSA has announced its costs for 2011/12 will go up 10 per cent, from £454.7m to £500.5m, but costs paid by firms will fall as a result of fines levied during the last year. The net minimum fee paid by 43 per cent of the FSA’s authorised firms, including many IFAs, will fall by […]

4

MPs say CPMA should not be a consumer champion

MPs have called on the Government to scrap plans to promote the new Consumer Protection and Markets Authority as a consumer champion. The Treasury’s consultation paper on the changes to regulatory architecture, published last summer, stated the CPMA will be a “strong consumer champion”. But in a report released this morning, the Treasury select committee […]

7

MM Leader: Urgent action is needed for a fair FSCS

The huge Financial Services Compensation Scheme interim levy bills which landed last week again exposes a regulatory system in desperate need of reform. The latest £93m interim levy, mainly due to claims relating to Lifemark, means intermediaries will pay £1 07m this financial year in FSCS costs on top of the £11 Om that was […]

2

Labour aims to slow down the pace of change on pension age

Labour will try to block the Government’s plans to accelerate the rise in the state pension age, according to Shadow pensions minister Rachel Reeves. In an interview with Money Marketing, Reeves, who is MP for Leeds West, says Labour will lay down amendments to the Pensions Bill going through the House of Lords to try […]

Life cover for life

When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that waybecause before the arrival of RDR in 2013, that’s more or less exactly what they were. For advisers thinking […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. One thing that confuses me about NEST is the charging structure. We are being told that it will have a 0.3% amc (ignoring the 1.8% initial which seems to be for a loan repayment).
    Is this 0.3% really going to cover the cost of TATA’s administration, the fund management charges and now, potentially, a platform fee? It’ll be interesting to see what is finally presented.

Leave a comment