10/11/2017
Improving the National Employment Savings Trust pensions scheme (UK)
The Trustee of the National Employment Savings Trust (NEST*) pension scheme will be able to accept workers who have been contractually enrolled after their employers’ staging date, under a government proposal to amend the NEST Order, which currently only allows the Trustee to accept workers who have been contractually enrolled before the staging date.
While this proposal will give employers a simple and easy way to meet their legal duties, other proposals set out in ‘Draft National Employment Savings Trust (Amendment) Order 2018’ will
- clarify that individuals may join NEST in the event of a ‘bulk transfer with consent’ and require that any sums of money transferred as a result of a bulk transfer must be applied to the individual member’s account
- give NEST Corporation the ability to close members’ pension accounts that have zero funds if certain conditions are met
- require NEST Corporation to carry out research with scheme members and participating employers and their representatives, in connection with the operation, development or amendment of the scheme
* NEST is the pensions scheme established by the government in 2010 to support automatic enrolment. It currently has more than 5 million members and more than 500,000 participating employers and is expected to be one of the biggest pension schemes in the UK when the roll-out of Auto Enrolment ends in February 2018.
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