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Bigger NEST egg?

25 November 2010

The trustee body of the National Employment Savings Trust (“NEST”) announced yesterday that there will be a reduction in the proposed contribution charge from 2% to 1.8%.

The annual management charge remains at 0.3%, which will be payable from the employee’s pension pot annually.

The reduction in the monthly contribution charges will mean that employees who are members of NEST will see more of their and their employer’s contributions in their pension pot rather than swallowed up in administration costs.

The contribution charges were put into place to cover the initial set up costs for NEST. Once the set up costs have been recouped, it will be interesting to see whether there are any corresponding adjustments to the contribution charges.

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