Lifting the Restrictions on NEST

Lifting the Restrictions on NEST PDF

Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee

Publisher: The Stationery Office

Published: 2013-02-11

Total Pages: 26

ISBN-13: 9780215054104

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For auto-enrolment to continue to work successfully, NEST must be allowed to thrive. Employers want simplicity. They want to be able to choose one pension scheme to cover all their employees. The cap on annual contributions to NEST means that employers can't opt for NEST for their higher-earners or if they want to make more generous contributions. So some employers are dismissing the NEST option and choosing a private pension provider who can offer a scheme for all their employees. NEST is required to be a low-cost scheme and to offer good value. Other pension providers don't have this same obligation. There is therefore a risk that the restrictions will mean some employees are prevented from having access to the best value pension scheme available. The Government has already made clear that it will need to "fix" the issue of transfers in and out of NEST if it wishes to implement its "pot follows member" solution to the current problem of small pension pots. Amongst recommendations made in the report is that the Government should make it a priority to gain certainty on the conditions for the European Commission's approval of state aid for NEST, to ensure that this is no longer perceived to be an obstacle to removing the restrictions. Auto-enrolment begins for medium and small employers from 2014. They will begin preparations a year to 18 months before then. Now is the time for action to be taken, it cannot wait until 2017.

Improving Governance and Best Practice in Workplace Pensions

Improving Governance and Best Practice in Workplace Pensions PDF

Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee

Publisher: The Stationery Office

Published: 2013-04-25

Total Pages: 64

ISBN-13: 9780215056979

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The introduction of auto-enrolment makes rigorous pension scheme governance essential. This Report calls on the Government to reassess the case for establishing one body with sole responsibility for regulating workplace pensions. There are concerns over current gaps in regulation and the potential for further gaps to arise as a result of now having three regulators, the Pensions Regulator; and the new Financial Conduct Authority and Prudential Regulation Authority, set up to replace the FSA. The Report argues that a single regulator is necessary to ensure that all members of workplace pension schemes are adequately and consistently protected. It also highlights that deferred-member charges and member-borne consultancy charges have the potential to cause serious consumer detriment. It recommends that both are banned by the Government, if significant progress is not made in the very near future by the industry towards ending them. There is particular concern about member-borne consultancy charges and those charges applied to deferred members - people who stop contributing to their pension scheme. The trend towards lower pension scheme charges is welcome. However, a good average is not sufficient and there is potential for consumer detriment in schemes that persist in retaining high charges. The Government should also regularly review its policy on capping charges for auto-enrolment schemes. Consumers are also continuing to lose out when they buy annuities because pension providers are not doing enough to ensure people are aware that they can shop around for the best annuity rate rather than being obliged to buy an annuity from their pension provider.

Automatic enrolment in workplace pensions and the National Employment Savings Trust

Automatic enrolment in workplace pensions and the National Employment Savings Trust PDF

Author: Great Britain: Parliament: House of Commons: Work and Pensions Committee

Publisher: The Stationery Office

Published: 2012-03-15

Total Pages: 238

ISBN-13: 9780215042972

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The Government established NEST as a low-cost pension scheme to help deliver the auto-enrolment programme and to address a market failure in the pensions industry which meant that many employers and employees were unable to access low-cost, good quality pension provision. However, the Committee believes that certain restrictions placed on NEST will create complexity for employers and will disadvantage some employees. The Committee's report recommends that, if state aid rules allow, the Government should remove the following restrictions: the cap on the annual contributions an individual can make to a NEST scheme; and the ban on individuals transferring existing pension pots into NEST. The Committee further urges the Government to proceed with its plans for State Pension reform, introducing a flat-rate State Pension and reducing the level of means-testing without delay. The report also highlights the difficulties and complexity employers and employees currently face in comparing the fees and charges applied by pension providers and recommends that, from 2013 onwards, if some auto-enrolment schemes still have hidden charges, or charges that represent poor value for money, the Government should use its powers to intervene. Auto-enrolment will impose new costs and may be particularly challenging for small employers however the Committee considers that the Government has taken appropriate steps to minimise the impact on businesses through its gradual and flexible approach ("staging and phasing") to implementation. Exempting small employers would create significant complexity, as well as excluding many employees from the benefits of workplace pension saving

Raising Chickens For Dummies

Raising Chickens For Dummies PDF

Author: Kimberley Willis

Publisher: John Wiley & Sons

Published: 2019-11-08

Total Pages: 432

ISBN-13: 1119675936

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Your hands-on guide to modern chicken-raising methods Thinking about raising chickens? You've come to the right place! This new edition of Raising Chickens For Dummies provides the most up-to-date, thorough information on the many aspects of keeping chickens in your backyard. Inside, you'll find hands-on, easy-to-follow instructions on choosing and purchasing chickens, constructing housing for your birds, feeding your chickens for optimal health, combating laying issues, controlling pests and predators, optimizing egg production, and much more. Raising chickens on a small scale is a popular—and growing—pastime. If you're interested in keeping chickens as pets or as a source for eggs, Raising Chickens For Dummies gives you plain-English explanations of everything you need to know to about caring for chickens. Inside, you'll learn about basic chicken biology, breeds, and behavior, which chicken breed is best for you, how many you need, ways to spot healthy chickens, how to build a chicken coop, best practices for mating your chickens, how to incubate eggs, how to hatch and nurture chicks, manage laying hens, collect and store eggs, and butcher meat birds. Offers practical advice on choosing and purchasing chickens Helps you construct the right housing for your chickens Provides tips on feeding and caring for your chickens Includes top tips for raising healthy chickens Whether you're a first-time poulterer or you've been raising chickens for years, this comprehensive guide provides practical how-to advice for keeping chickens in virtually any backyard. Raising Chickens For Dummies (9781119675921) was previously published as Raising Chickens For Dummies (9781118982785). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.

Towards a New Pensions Settlement

Towards a New Pensions Settlement PDF

Author: Gregg McClymont

Publisher: Rowman & Littlefield

Published: 2016-02-17

Total Pages: 85

ISBN-13: 1783487496

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This volume presents the recent experiences of pension reform in seven countries: Australia, Canada, Germany, Netherlands, Poland, Sweden and the United Kingdom. Faced with common problems of ageing societies and constraints on taxation levels, all are increasingly passing responsibility for saving for retirement to citizens. However, there is enormous variety between countries in the degree to which the state intervenes to mitigate the risks which the individual can face in saving for a pension.

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