By Louise Eccles for Daily Mail Millions of employees in a workplace pension scheme are to be freed from punitive curbs on savings imposed by Brussels. Earners were limited to £4,600 a year in contributions as part of the government-backed National Employment Savings Trust (NEST). They were also barred from transferring old company pensions into the scheme or taking it with them if they moved jobs. Pensions Minister Steve Webb (pictured) said: 'By convincing Europe to support us on this, we’ve achieved a victory for consumers' But after a year of negotiation, the European Commission has agreed to lift the restrictions in a ‘victory’ for employees, ministers will announce today.
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Millions of employees in a workplace pension scheme are to be freed from curbs on savings imposed by the EU
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Earners were limited to £4,600 a year in contributions as part of the government-backed National Employment Savings Trust
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After a year of negotiations, the EU has agreed to lift the restrictions
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But savers will have to wait until April 1, 2017 for the changes to kick in
‘It was always ridiculous that people could not save as much as they wanted into @placeholder,’ she added.