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CBI COMMENTS ON SELECT COMMITTEE REPORT ON AUTO-ENROLMENT

CBI COMMENTS ON SELECT COMMITTEE REPORT ON AUTO-ENROLMENT

The CBI today (Thursday) commented on the Work and Pensions Select Committee report on auto-enrolment and the National Employment Savings Trust (NEST).

Neil Carberry, CBI Director for Employment Policy, said:

“The Committee’s endorsement of auto-enrolment plans is welcome. The change is a key part of developing a sustainable pension system in light of the longer, healthier lives we are enjoying. We will all need to work for longer and, crucially, save more.

“The Committee is also right to support a simpler state pension and to encourage government to look again at the interaction between long-term savings for pensions and saving for housing.

“However, with the introduction of auto-enrolment just a few months away, we would caution against making further changes to what is a carefully balanced regulatory framework. The review of NEST scheduled for 2017 is the right time to address issues such as which controls have placed on saving into NEST.

“It’s disappointing that the Committee has not focussed on the real reason why NEST may be struggling to compete with low-cost private sector competitors, which is its high and complex charging regime.”

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