The Government has announced that the National Employment Savings Trust (NEST), which is the default, Government pension scheme for the auto enrolment process will now allow members’ transfers of their existing pensions, as well as unrestricted contributions.

Previously the Government had said that it would not allow transfers into NEST from private (personal) pensions, and would cap the amout that could be invested into the scheme. This was to protect the interests of private pension companies, primarily insurers.

However with little evidence that this would lead to greater consumer benefit, Pensions Minister Steve Webb has announced that these restrictions will be lifted, though these are not likely to be lifted until 2017.

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Blog by Jaskarn Pawar

Jaskarn Pawar is an experienced and award winning Chartered and Certified Financial Planner. He advises people all over the UK on financial planning and wealth management issues to help them reach solutions to fit their personal needs. You can contact Jaskarn on 01604 211234 or by e-mail on jaskarn@investorprofile.co.uk