NEST responds on changes to scheme rules
29 June 2016
NEST (National Employment Savings Trust) has issued a response to its consultation on proposed changes to the scheme rules.
The response summarises comments received during the consultation, and NEST’s response to those comments. It announces that NEST plans to implement all but one of the changes. The changes take account of the Freedom and Choice changes and the lifting of the restrictions on NEST from April 2017.
The consultation covered various technical updates to NEST’s rules. These include:
- Updates to NEST’s rules to allow lump sums and partial lump sums to be paid as benefits as provided for by the ‘Freedom and Choice’ changes introduced in April 2015
- Changes which reflect amendments Parliament has made to lift the restrictions on transfers and contributions on NEST from 2017
- ‘Tidying up’ changes, for example to bring the rules into line with recent legislative changes such as the change to pension input periods.
The consultation response can be found on NEST’s website.