March 15, 2012 – Making it easier for United Kingdom residents to save for their retirement would go a long way to way in convincing them to do just that, a committee of MPs maintains.
The government should ease the rules of the National Employment Savings Trust (NEST) pension scheme to facilitate the strategy of getting British workers to auto-enroll in the national plan.
Erasing contribution limits and allowing the transfer of existing pension amounts would help boost participation in the plan, according to the Work and Pensions Committee.
The government has stated it will carefully consider the recommendations.
The committee’s recommendation to get rid of contribution limits would make it easier for employers to consolidate smaller pension plans they have, bringing them into NEST, says MP Anne Begg, chair of the committee.
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