NATIONAL EMPLOYMENT SAVINGS TRUST

Early day motion 2880, tabled 15 March 2012 by Gareth Thomas (Labour). Signed by 56 members.

That this House welcomes the National Employment Savings Trust (NEST) as a necessary intervention into the pensions market to provide low cost pensions for a new generation of savers; believes that the restrictions placed on NEST in the form of the annual contribution cap and transfer ban put a burden on businesses wishing to use NEST and are not in the interests of consumers who want to consolidate pensions savings in a single pensions pot; recognises that the restrictions on NEST have already delivered the policy intention of focusing NEST on developing products for low earners; notes that the Director General of the Association of British Insurers told the Work and Pensions Select Committee that NEST was setting standards for good value in the pensions market; further believes that the effect of driving up standards would be enhanced if the two restrictions were lifted; further notes that the Work and Pensions Select Committee called on the Government to remove these restrictions as a matter of urgency; and urges the Government to acknowledge the political consensus to remove NEST's restrictions and to do so at the earliest opportunity.

Signatures by party: Labour 47, Liberal Democrat 5, Conservative 2, Social Democratic and Labour Party 2.