Paul Todd who’s done more than anyone to turn Nest pots to pensions!

This news is important to those among the 14m savers who believe they are getting a Nest workplace pension. This from Corporate Adviser.

Nest is now able to expand the range of retirement options offered to its 14 million members, allowing it to offer flexi-access for the first time, following regulatory changes.

The legislation allowing the Government to amend Nest’s order has now come into force. This order previously restricted the range of retirement options it could offer savers.

This from Corporate Adviser. It announces what Nest can do , not what you can do with Nest (just yet). But it comes at a time when many of us are still enjoying Martin Lewis’ explanation of drawdown in Tuesday’s hour long special on Pensions. You can hear Martin answering more reader questions on my blog

Now you can watch it to find out what the Nest deal does for savers,  it will make it possible for Nest to make this available for those who want to follow Martin’s explanation. I have a Nest pot and I would like to think I could swap it for a pension before I reach state pension age (Nov 11 2028)! I may switch to a CDC but that’s another matter – Nest’s plans will offer much of what CDC does.

Martin’s explanation about DC drawdown (using an arctic roll is in the second half of this 45 minute pension fiesta!

Emma’s scoop!

I’m not sure where Emma Simon got this news from but she was sharp enough to post it and I hope that others will publicise this excellent news.

Here is Emma continuing her scoop.

It will now be able to offer the same retirement choices as other pension schemes ensuring it can provide default retirement income solutions, which will be required under the Pension Schemes Act.

Nest describes the removal of this order as a major milestone allowing it to expand its retirement offering. It has already announced a partnership with Rothesay to launch new lifetime income option for members in retirement, which will combine a bulk annuity with a managed investment approach.

For those who know about these things, this means that Nest will be operating much of what USS calls “conditional indexation” albeit with a DC pot  and CDC would describe as what CDC does in offering to pay the increases on a pension depending on what can be afforded.

Paul Todd has explained this several times but it is the DC pension that Nest could not offer till it got this permission from parliament.

Maybe Paul Todd and Martin Lewis could be quite a duo!