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The Benefits of NEST

NEST has been set up by the government especially for auto-enrolment and its aim is to make sure that every employer has access to a suitable qualifying workplace pension scheme.

NEST has achieved independent Master Trust assurance and the scheme meets all of the workplace pensions regulations and best practice guidelines. This means that employers using NEST can be confident that their scheme will meet all of the regulatory requirements, both now and in the future.

The key benefits of choosing NEST are:-

  • No employer set-up charge, or ongoing employer charges
  • High quality investments (administered by State Street Global)
  • Portability of pension for employees - employee only ever have one retirement pot with NEST
  • Well-established and fully compliant
  • Award-winning investment approach

 

There are however, currently some restrictions on how NEST can be used.   The first restriction is a limit on contributions paid into the scheme, currently at £4,700 a year.  This will rise as the statutory minimum contribution rates increase and will be lifted in 2019.  There is also a restriction on transfers in and out of the scheme (unless it relates to divorce or at retirement) until April 2017.

 

Quality and Governance

NEST Corporation is the Trustee of NEST.  The Corporation was established by legislation as a non-departmental public body to run the NEST pension scheme.

NEST Corporation is made up of a Chair and up to 14 Trustee Members.  They're supported by an executive team and specialists in pensions product design, investment, communications and business support.

As a public body, NEST Corporation reports to Parliament through the Secretary of State for Work and Pensions.  This includes issuing an annual report setting out what they've been doing over the last year and how they are managing the NEST scheme.

The quality of NEST has been recognised through a number of industry awards:-

  • World Pension Summit awards - Innovation award 2015
  • Pension Investment Provider awards - Multi-Employer DC Provider of the Year 2015
  • Financial News Awards for Excellence, Pension Awards - Scheme of the Year 2015
  • CIO European Innovation awards - Best DC Fund 2015


Furthermore, NEST holds the industry-leading Pension Quality Mark READY status, which requires best practice standards to be met on pension scheme governance, charges and communications.

 

Why We Chose NEST

NEST is currently the largest provider of workplace pensions in the UK, with over 2 million employees enrolled to date.

NEST is a flexible scheme. Employers are able to use NEST for all their workers, or as an entry-level scheme, or as a catch-all scheme for eligible workers who haven't joined an existing scheme.

The quality of NEST has been recognised through a number of industry awards, including:

  • World Pensions Summit awards - Innovation 2015
  • Pension Investment Provider awards - Multi-Employer DC Provider of the Year 2015
  • Financial News Awards for Excellence, Pension awards - Scheme of the Year 2015
  • CIO European Innovation awards - Best DC Fund 2015

 

NEST has been awarded a 5 out of 5-star rating by Defaqto, a well-known independent financial researcher.  Defaqto independently rates services based on the quality and comprehensiveness of the features and benefits they offer.  NEST's 5 star rating indicated that NEST provides a high quality offering in the auto-enrolment market.

Furthermore, NEST holds the pension industry-leading Pension Quality Mark READY, which requires pension plans to meet best practice standards on pension scheme governance, charges and communications to be met.

 


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