Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • October 2014
10

DWP sets out plan to end NEST saving limits

Open-access content Thursday 9th October 2014 — updated 5.13pm, Wednesday 29th April 2020

The Department for Work and Pensions has today published draft laws that will remove the annual contribution limit and transfer restrictions on pensions schemes held with the National Employment Savings Trust (NEST) by April 2017.

2

It is hoped the change will help people who work for the more than 8,900 employers that administer their auto-enrolment schemes through NEST to save more for their retirement than the current £4,600 a year cap allows.

Under the plans, these workers would also gain the same transfer rights as members of other schemes, allowing them to consolidate their savings.

The government now intends to lay legislation before parliament in the New Year, following the consultation, which closes on October 29. This comes after a year of negotiations with the European Commission to get the approval required for the changes.

Publishing the details, pensions minister Steve Webb said: 'NEST has been a force for good in pensions, helping to ensure the successful introduction of the government's automatic enrolment policy and bringing millions more people into pension saving.

'While these constraints were essential as we got auto-enrolment up and running, their removal will ensure that in future people saving with NEST get the same rights as members in other schemes and can make the most of their savings.

'Removing the contribution limit will help people save more, while lifting the ban on transfers will help people to build up worthwhile pension pots in one place and get better value for their savings.'

This article appeared in our October 2014 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Citizens Advice and TPAS to provide free pensions guidance

Citizens Advice has been chosen as the expert provider of free face-to-face pensions guidance, following the government’s announcement of new pension rules, it has emerged.
Monday 20th October 2014
Open-access content
2

LibDems to keep close eye on new pension products

The Liberal Democrats have pledged to watch the pensions industry ‘like a hawk’ as it creates new products ahead of April 2015 when the new retirement freedoms will take effect.
Monday 6th October 2014
Open-access content

Enhanced annuity rates fall in volatile market

Enhanced annuities dropped by 5% to around £7,000 during the last 12 months to the end of September, revealed research by My Pension Expert.
Monday 6th October 2014
Open-access content
2

UK places ninth in Mercer's global pensions league table

The UK’s pension system is ranked ninth best in the world, according to a global index published by retirement consultants Mercer.
Monday 13th October 2014
Open-access content
2

Universities make pension reform proposals

UK universities have put forward proposals to close the Universities Superannuation Scheme’s (USS) £8bn deficit. These could see final salary benefits being closed to new members and a defined contribution element introduced for high earners.
Monday 13th October 2014
Open-access content

Auto-enrolment to solve 'pensions paradox', says NEST

Auto-enrolment will help tackle the ‘pension paradox’ in the workplace that currently sees three-quarters of small employers not offer staff a pension scheme, a government-backed National Employment Savings Trust has said.
Friday 3rd October 2014
Open-access content

Latest from Pensions

ers

By halves

Reducing the pensions gap between men and women is a work in progress – and there’s still a long way to go, with women retiring on 50% less than men, says Alexandra Miles
Thursday 2nd March 2023
Open-access content
rdth

Make My Money Matter's Tony Burdon on the practical power of sustainable pensions

Years working in international development showed Tony Burdon, head of Make My Money Matter, that sustainable pensions can harness trillions of pounds to build a better world – at a scale governments and charities can’t. He talks to Travis Elsum
Wednesday 1st March 2023
Open-access content
KV

Liability-driven investments: new landscape

What now for liability-driven investments, after last year’s crash in the market? Pensions experts Rakesh Girdharlal and Moiz Khan say it should lead to a more balanced approach
Wednesday 1st February 2023
Open-access content

Latest from October 2014

ABI: motor insurance costs continue to fall

The cost of comprehensive motor insurance fell to £356 in the third quarter of this year, down £2 on the second quarter, according to the Association of British Insurers.
Friday 31st October 2014
Open-access content

'Marked improvement' in PPF scheme deficits

Pension schemes that are members of the Pension Protection Fund saw a ‘marked improvement’ in their deficit over the last year, according to an analysis published today.
Thursday 30th October 2014
Open-access content
2

Climate change experts urge flood-risk reduction plan

The government and insurers should collaborate on a plan to reduce flood risk, the official advisory committee on climate change has said after finding that the uptake of sustainable drainage systems (SuDS) in new development was low.
Wednesday 29th October 2014
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 10

ABI: motor insurance costs continue to fall

The cost of comprehensive motor insurance fell to £356 in the third quarter of this year, down £2 on the second quarter, according to the Association of British Insurers.
Friday 31st October 2014
Open-access content

'Marked improvement' in PPF scheme deficits

Pension schemes that are members of the Pension Protection Fund saw a ‘marked improvement’ in their deficit over the last year, according to an analysis published today.
Thursday 30th October 2014
Open-access content
2

Climate change experts urge flood-risk reduction plan

The government and insurers should collaborate on a plan to reduce flood risk, the official advisory committee on climate change has said after finding that the uptake of sustainable drainage systems (SuDS) in new development was low.
Wednesday 29th October 2014
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Exposure Management Analyst

London, England
£40000 - £50000 per annum
Reference
148639

Pricing - Casualty Actuary

London (Central)
£128K + bonus + benefits
Reference
148638

Reporting Contractor

Negotiable
Reference
148636
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ