Early day motion tabled by primary sponsor Gareth Thomas (Labour and Co-operative Party), on Thursday, 15 March 2012, in the House of Commons. It is signed by 56 members in total.

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NATIONAL EMPLOYMENT SAVINGS TRUST

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.

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Secondary information

Type

Early day motion

Reference

2880 

Session

2010-12

Other sponsors

Alan Meale

John McDonnell

Martin Caton

Mark Durkan

Hywel Francis

Subjects

National employment savings trust scheme

Link

View this Early day motion on www.parliament.uk