NEST Pensions

Launching in 2012

Every Employer will be affected

The government is reforming the UK pensions system to ensure financial stability for the ageing population.

Employees will be required to automatically enrol eligible employees aged between 22 and state pension age. Auto Enrolment means you are a member unless you register otherwise.

Employers can choose between the new personal account scheme OR set up a group personal pension or an occupational pension. This will have to match NEST Pension as a minimum.

Employees will have to contribute 4% of band earnings (£5,035-£33,540) and employers 3% for each eligible employee with 1% coming from Tax Relief. This will be phased in so you have to plan for it in your business plan.

If you want to enquire about what is the best option for both you and your employees, please contact First Place Financial, where we have a dedicated team of pension specialists to ensure the transition is smooth and efficient for your company. Complete the enquiry form and we will be in touch.