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NEST
NEST Restrictions 13/14
The National Employment Savings Trust (NEST) was established to provide all employers with a pension scheme that will enable them to meet their obligations under Auto-Enrolment. This can be used by any organisation, either in isolation or alongside an employer’s existing scheme. Two of the statutory constraints on NEST are the annual contributions limit and [...]
Auto-Enrolment Thresholds 2013/14
The Pensions Act 2008 requires the annual review of the Auto-Enrolment thresholds. These are, currently, set in The Automatic Enrolment (Earnings Trigger and Qualifying Earnings Band) Order 2012. In a written statement on 06 September, Pensions Minister Steve Webb announced the publication of the latest Government consultation on the review and revisions of the Earnings [...]
Workplace Pension Reforms – DWP Evaluation
The Department for Work and Pensions (DWP) has published its evaluation report on Workplace Pensions Reforms, set to become mandatory from October 2012 with the Staging of the largest employers. Their report, following their Evaluation Strategy in 2011, is designed to present the industry landscape before the introduction of the reforms. It is based around [...]
NEST Restrictions may be lifted
Pensions minister Steve Webb is considering lifting the statutory restrictions on NEST in response to number of competitive schemes entering the market. Following a question from Labour spokesman Greg McClymont in the the House of Commons this week, Mr Webb said: “Labour introduced these restraints, but the situation has moved on with unforeseen competitive developments [...]
DWP publishes its own workplace pensions language guide
DWP research suggests the best words to use when explaining how auto-enrolment…, sorry, automatic enrolment will work… In January 2011, the NEST Corporation published a phrasebook that was intended to put unfamiliar pension terms and expressions into more readily understandable English. The Department for Work and Pensions has now published its own language guide, which [...]
Commons Select Committee inquiry into automatic enrolment pensions
The Work and Pensions Committee has announced an inquiry into automatic enrolment in workplace pensions and NEST. The role of Commons Select Committees is to consider government policy issues, scrutinise the work and expenditure of government, and examine proposals for primary and secondary legislation. The Work and Pensions Committee has announced an investigation into the [...]
Auto-enrolment pension schemes and aggregation of earnings
How do the auto-enrolment rules apply for employees with two or more jobs with the same employer? One of our tutors, Vince Ashall, has been investigating some of the more complex issues that arise from the statutory rules for the auto-enrolment pension schemes that start to be phased in from October 2012. One of these [...]
NEST announces its investment options
The Nest scheme will offer a range of fund choices, including Higher Risk, Ethical and Sharia funds. NEST is the pension scheme that has been established to assist up to a million UK employers comply with their automatic enrolment obligations from 2012. The NEST Corporation is the trustee of the NEST scheme. Following research and [...]
Application of pension legislation to the NEST Corporation
New Regulations have been made and come into effect from 6 April 2011 that disapply certain aspects of pension legislation from the National Employment Savings Trust (NEST) Corporation. NEST is the pension scheme that has been established to assist up to a million UK employers comply with their automatic enrolment obligations from 2012. The NEST [...]
NEST campaign to clarify pension terms and phrases
The National Employment Savings Trust (NEST) has published the first version of a phrasebook which puts unfamiliar pension terms and expressions into more readily understandable English. For example: “retirement income” is used instead of “annuity”, and it is defined as a “regular income stream for the rest of your life” “opening your retirement pot” is [...]
Nest charges announced
The legislation governing the introduction of automatic pension scheme enrolment from 2012 provides for the establishment of a statutory pension scheme that may be used by employers to meet their statutory obligations. The scheme is known as the National Employment Savings Trust, or “NEST” for short. NEST will operate with two charging elements: an annual [...]
