Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a654072

Labour renews attack on Webb over Nest transfer ban

by Brian Cantwell on Jan 29, 2013 at 10:35

Labour renews attack on Webb over Nest transfer ban

Shadow pensions minister Gregg McClymont has renewed hostilities with pensions minister Steve Webb over lifting restrictions on the National Employment Savings Trust (Nest) and reforming the small pots pension regime.

McClymont (pictured) has accused Webb of dragging his feet over lifting the ban on transfers in and out of Nest and its contribution limit of £4,400.

Last week Webb told the Work and Pensions Committee that the government’s legal advice was that barriers remained to the limitations being lifted.

Speaking to New Model Adviser®, McClymont challenged Webb to publish this advice.

‘Steve’s initial position was that [lifting the restriction] would breach the [European Union] aid law, and then he moved to a position saying actually there’s no evidence the restrictions are doing any harm, and I think both those things are untrue.’

‘The government has been slow… and has not been transparent in its reasoning,’ he said.

McClymont also criticised plans for a pot-follows-member system to avoid the proliferation of small pots, arguing there was a high chance savers could be moved into worse schemes.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Opportunities emerge as production moves back home


As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.

Today's top headlines

A spotlight on Alastair Mundy


Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.


Read more...

Lloyds fined £217m over Libor failings

by Michelle Abrego on Jul 28, 2014 at 13:59

Sorry, this link is not
quite ready yet