UK. Govt urged to allow Nest to offer drawdown
The government has been told to amend legislation to allow Nest members to drawdown their pension pot, as well as extending investment pathways to trust-based schemes.
The Investment and Saving Alliance made this suggestion in its response to a call for evidence on savers’ understanding of their pensions, which closed on July 25.
The Department for Work and Pensions said that it wanted to understand what support and decumulation products are offered to members, along with what might be offered to them in the future.
Officials were also interested in gathering views on the current offer available to Nest members and the scope for its development.
“We believe legislation should be changed to enable Nest to offer drawdown to all of its members,” Tisa head of retirement Renny Biggins said.
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