Nest Pensions

As an employer, do you know everything you need to about the new Government pension scheme?

Next year, the government is introducing a new pension scheme known as NEST (The National Employment Savings Trust). It is designed to ensure that workers in the UK save sufficient sums for their retirement because as we all know, state pension provision is unable to provide sufficient income. This is being made worse by a population that is living longer, and the impending retirement of the 'baby boomer' generation.

Your Obligations

For the first time, as an employer you will have to enrol your workers into an occupational pension scheme that meets or exceeds certain legal standards. Some of your employees will be enrolled automatically into NEST, others only if they choose to, depending on their age and earnings*. The introduction of NEST is being stepped, so when you are affected depends on the size of your business.

Is there an alternative?

Yes. If you have a group pension scheme which meets certain criteria, you may not be affected by the new Government plans, which could provide your business with a number of important benefits including:

• Better employee relations owing to a low-cost, well-run scheme and not having to wait until 2012
• Assistance with recruitment, motivation and retention
• Less administration for employees who opt out

Act Now

Now is the time to find out all of the implications of NEST to both your business and your workforce, and to discuss the potential benefits of an alternative group pension scheme. For a no obligation meeting, please call Company Rapport now.

*Please note that the Government is still finalising the details of NEST, making them subject to change and final legislation