National Employers Savings Trust

What is NEST and what does it stand for?

NEST is the National Employers Savings Trust. NEST is a new low-cost pension scheme that is available for any employer to sign up to in order to meet their new pension obligations.

Employers can use NEST on its own or alongside an existing scheme they have in place. They can use it to make the minimum contributions or to contribute more than the minimum (subject to an annual contribution limit of £4,400).

Members have one NEST retirement pot for life – they keep it with them during their working life and can keep contributing into it whether they change jobs, stop working for a period or become self-employed. For employers who use NEST, there will be no ongoing administration if someone who has a NEST retirement pot leaves the company employment.

The difference with NEST compared to other qualifying schemes is that they have an obligation to accept all employers that want to use the scheme.

Will it be compulsory?

No, but those aged at least 22 who earn more than £9440 a year will be enrolled automatically after 3 months and will have to opt out if they don't want to join.

For further information and a free initial discussion on your requirements, please phone us on 0800 018 1315 or 01271 321444.

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