Nest Pension Waste of Money?
Published / Last Updated on 12/03/2010
by Ashley Clark, Director
More Government Spending Down the Drain
The ‘ahead of schedule’ contract between the Personal Accounts Delivery Authority (Pada) and Tata Consultancy Services (TCS) will cost the taxpayer £25 million, even if the next government gets rid of the National Employment Savings Trust (Nest).
TCS won the contract to run Nest at a cost of approximately £600 million over 10 years, although the cost of the contract will depend on how many businesses join the scheme.
The first of the two parts of the contract runs until October 2010 and is worth more than £25 million.
The Conservative party criticised the decision to sign four months before the official creation of Nest corporation and two months before a general election.
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