At today’s SPC conference Steve Webb confirmed that NEST will go ahead and said details should be announced next Wednesday (27th).
* State Pension Age to be equalised at 66 by 2020
* Commitment to basic state pension uprating at greater of prices, earnings and 2.5% each year (“triple guarantee” has been confirmed
* Commitment to reform public sector pensions to make them “fair”
* “Pensions tax relief to be limited to £50k”
* Some £1bn to be allocated to Equitable Life Payments Scheme over the spending review period to make shortfall payments to WPA policy holders, rising ultimately to £1.5bn
* DWP spending allocation includes funding for introducing auto enrolment from 2012 and the establishment of NEST
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