National Employment Savings Trust (NEST)
NEST — a defined contribution workplace pension scheme — was set up by the UK government to facilitate auto enrolment. As a ‘qualifying’ scheme, NEST can be used by any and all UK employers to make pension contributions.
Workers earning more each year than the government determined lower level, will be enrolled automatically in NEST if the employer doesn’t have their own pension scheme. Lower earners can join, but must choose to opt in.
Members can transfer other Defined Contribution pensions they may have into their Nest scheme, should they wish, and are also free to transfer out to another pension scheme, providing they have stopped making contributions into the NEST account.
Although Auto Enrolment is compulsory, membership of NEST isn’t. NEST is, by design, a very simple scheme offering very few ‘bells and whistles’. Employers with more sophisticated requirements are free to consider establishing other types of workplace/occupational pension schemes.
NEST is regulated by the Pensions Regulator
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change.
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