{"id":13371,"date":"2011-12-29T14:38:55","date_gmt":"2011-12-29T14:38:55","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=13371"},"modified":"2011-12-29T14:38:55","modified_gmt":"2011-12-29T14:38:55","slug":"if-theres-one-thing-to-stop-in-2012-its-the-new-nest-pension-scheme","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/12\/29\/if-theres-one-thing-to-stop-in-2012-its-the-new-nest-pension-scheme\/","title":{"rendered":"If there&#8217;s one thing to stop in 2012 it&#8217;s the new NEST pension scheme"},"content":{"rendered":"<p>As the <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/c9bd8efa-2a4b-11e1-8f04-00144feabdc0.html#ixzz1hvSBAKk1\" target=\"_blank\">FT notes today<\/a>:<\/p>\n<blockquote><p>Retirement planning is set to change irrevocably in 2012 \u00e2\u20ac\u0160as, later in the year, \u201cauto enrolment\u201d is expected to see millions of workers start saving in a company pension scheme for the first time.<\/p>\n<p>From October 1, all workers aged between 22 and the state pension age, and employed by a company with 50,000 or more staff, will be automatically en-rolled into their employer\u2019s pension scheme \u2014 unless they ask to opt out. This new government policy will be rolled out to smaller employers from 2013.<\/p><\/blockquote>\n<div>\u00a0I do, of course, want people to have decent pensions. And I am\u00a0entirely\u00a0happy that\u00a0employers\u00a0should contribute,\u00a0but\u00a0this pension scheme is going to be an outright\u00a0disaster\u00a0for the UK, for those forced into these schemes and for the economy as a whole.<\/div>\n<div><\/div>\n<div>But let's be clear, this is going to be an economic disaster. the scheme was designed in 2006 and is\u00a0built\u00a0around the obviously failed logic of that era. So employees will be forced to invest in the\u00a0stock\u00a0exchange - just\u00a0increasing\u00a0the boom and bust cycle - and not a penny will go into\u00a0creating\u00a0new\u00a0investment\u00a0or new jobs.<\/div>\n<div><\/div>\n<div>As bad, this will be saving at a time when we have too much saving and not enough\u00a0investment\u00a0or even consumption to create the jobs we need. S0 this will just add to the\u00a0imbalances\u00a0in the economy.<\/div>\n<div><\/div>\n<div>This is the wrong pension plan at the\u00a0wrong\u00a0time with guaranteed disastrous outcomes. It's one of the things I'm not looking forward to in 2012.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As the FT notes today: Retirement planning is set to change irrevocably in 2012 \u00e2\u20ac\u0160as, later in the year, \u201cauto enrolment\u201d is expected to see<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2011\/12\/29\/if-theres-one-thing-to-stop-in-2012-its-the-new-nest-pension-scheme\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29,1],"tags":[],"class_list":["post-13371","post","type-post","status-publish","format-standard","hentry","category-pensions","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=13371"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/13371\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=13371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=13371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=13371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}