For those writing up ongoing commentary following yesterday's developments, a comment from NEST below.
In light of yesterday's announcement on automatic enrolment and ongoing reactions to the development, NEST Managing Director Scheme Development Helen Dean, says:
‘The Government has made it clear that automatic enrolment will apply to all employers with no exemptions. We welcome confirmation that small businesses will be staged in at the start of the next Parliament. We also welcome clarity on the fact that more than half of all workers will be automatically enrolled before the end of this Parliament.
‘NEST is on track and is already working with a number of employers and members ahead of the onset of employer duties next year. Around 40 employers of different sizes and sectors are already live with NEST, with around 60 more due to come on board by October 2012.
‘Longer term, the impact of yesterday's announcement is to change the timing of membership of workers from smaller firms into all qualifying pension schemes, it does not change the eventual numbers expected to start saving for their retirement under automatic enrolment.
‘NEST will extend low charges to millions of people across the UK who currently have no access to pension saving. It will be a low-charge scheme from the outset. NEST's charges deliver high quality provision at charges broadly equivalent to 0.5 per cent AMC for most savers throughout their time saving in NEST.'
|
