National Employment SavingsTrusts (NESTs)
NESTs will be introduced from October 2012 for companies with over 120,000 employees but smaller companies have until 2016 to implement a scheme.
Even if you already provide a pension scheme for your workers, you will need to check if it is a qualifying scheme as it will need to meet certain requirements. If these are not met you may need to offer a NEST pension.
NESTs can be a company’s only pension scheme or can work alongside a company’s existing scheme(s).
Our Managing Director Angela South has over 20 years’ experience in workplace pension schemes.
We are offering all businesses a review of their current company pension arrangements, a report on what they need to do to make their schemes compliant and an action plan, which we can carry out, to ensure that they meet their NEST obligations.
It may prove to be the case that there are more cost-effective alternatives available in the process of making current company pension arrangements “fit for purpose” but this is a specialist area and requires expert guidance.
Magna Wealth Management is the UK trading style of Expat Pension Providers Ltd – experts in the fields of all kinds of pensions.
We can help your business get a head start in tackling NEST and make sure it is ready to comply with the new requirements.
Starting NOW means you and your staff can get to grips with what they need to do to comply with the new duties, understand how to use NEST, begin enrolling staff, ensure that NEST integrates with HR and payroll systems, choose a date to start contributing to NEST that is convenient rather than a last minute rush and enrol staff in stages, rather than all at one time.
NEST is regulated by the Pensions Regulator.