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NEST (National Employment Savings Trust) is the name given to a pension scheme designed to help employers meet their new pension duties.
The Pensions Act 2008 introduced new duties for employers to provide access to a workplace pension scheme for most workers. From October 2012 the new auto-enrolment pension reforms will begin to be rolled out.
Larger businesses with more than 250 members will be expected to comply between October 2012 and 1 February 2014, with smaller businesses following suit, and all businesses to adhere by April 2017.
Employers do not have to use NEST to comply, but they do have to automatically enrol eligible workers into a qualifying pension scheme. NEST pensions are run by a non-departmental public body that operates at arm's length from the Government and is accountable to Parliament through the Department for Work and Pensions (DWP).
In order to comply with the new pension reforms, employers will have to:
- Provide a qualifying pension scheme;
- Automatically enrol eligible jobholders;
- Pay employer contributions;
- Tell all eligible jobholders that they have been automatically enrolled and that they have the right to opt out;
- Register with the Pensions Regulator and provide details of your pension scheme and the number of people you have enrolled.
NEST pensions are designed to accommodate these requirements.
Last updated on April 06, 2012