Using NEST for your workplace pension
When the government announced the new workplace pension regulation, auto enrolment, we knew we would need to provide our clients with an easy and cost-effective solution.
We spent a long time researching various different workplace pension providers and concluded that the most popular pension provider with our clients is the government scheme NEST.
We can work with any pension provider for the Enable Autoenrol service, however this may require you to set up the pension. We cannot give advice regarding other pension providers however is you wish to use another provider please contact us to ask about how we can work with your chosen scheme.
NEST for Employers
- NEST will work with employers of any size and is free for the employer, perfect for domestic and small employers.
- We will set up your NEST account on your behalf and act as your 'delegate' so you won't need to lift a finger.
- If you need to amend details you can do so through the Enable Autoenrol Members Area.
- For more information about NEST you can visit the NEST website.
NEST for Employees
- You, your employer and the government tax relief will make up your pension pot with NEST.
- If you change employers and your new employer also uses NEST then you can continue to contribute to the pension, if not you will retain the pension pot and will be able to access it when you retire.
- When your employer signs up to NEST you will be sent correspondence from Enable Autoenrol and NEST with further information about the scheme and how it will work for you.
How the pension will appear on a payslip
Here is an example of a payslip deduction showing a NEST contribution:
Shown on the above payslip are the minimum contributions based on Qualifying or Banded Earnings; employer 1%, employee 0.8%. Added into the pension scheme is a tax relief contribution of 0.2% from the government.