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© NEST Corporation 2014 Welcome to NEST A presentation for line managers.

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Presentation on theme: "© NEST Corporation 2014 Welcome to NEST A presentation for line managers."— Presentation transcript:

1 © NEST Corporation 2014 Welcome to NEST A presentation for line managers

2 © NEST Corporation 2014 Legal information © NEST Corporation All rights reserved. This information does not constitute financial, investment or professional advice and should not be relied upon as such. Reproduction in any form of all or any part of these slides is prohibited.

3 © NEST Corporation 2014 Your workers’ new workplace pension rights Millions of workers are getting the opportunity to save in a workplace pension scheme We may have to automatically enrol workers into a pension scheme if they’re not already in one We may have to put money into the scheme on behalf of workers if they’re eligible Workers may also get tax relief from the government If workers don’t want to become a member they can opt out

4 © NEST Corporation 2014 Who’ll be automatically enrolled? If a worker is at least 22 but under State Pension age and earns more than £10,000 each year they’ll be automatically enrolled they’ll get contributions from us they can opt out within one month of enrolment they’ll receive a letter giving them more information © NEST Corporation 2014

5 A new workplace pension scheme NEST is for the millions of people who want a good value workplace pension scheme that does the hard work for them. Easy to understand Workers can look after their account online Low charges Manages worker’s money carefully according to their age Workers have one retirement pot for life which they can pay into if they change jobs

6 © NEST Corporation 2014 Who pays into workers’ retirement pots?

7 © NEST Corporation 2014 Retirement funds designed around your workers NEST 2058 Retirement Fund NEST 2039 Retirement Fund NEST 2022 Retirement Fund

8 © NEST Corporation 2014 NEST’s other fund choices NEST offers choice for those who want it NEST Ethical Fund NEST Sharia Fund NEST Higher Risk Fund NEST Lower Growth Fund NEST Pre-retirement Fund

9 © NEST Corporation 2014 Taking money out of NEST Members can take their money out at any time after reaching age 55 They can buy a retirement income, take a cash lump sum or a combination of both If members suffer from ill-health they may be able to take their money out early If members die before taking their money out they can make sure it goes to their loved ones

10 © NEST Corporation 2014 What’s going to happen? We’ll send workers a letter letting them know their options If workers are automatically enrolled or opt in, NEST will send them a welcome pack with their NEST ID Once they have their NEST ID they can switch on their online account

11 © NEST Corporation 2014 What if workers are automatically enrolled and want to opt out? They can opt out within a month once they’ve got their NEST ID: Online By telephone By post

12 © NEST Corporation 2014 When is this happening? The new employer duties affect different organisations at different times, depending on their size We’ll let you know our organisation’s staging date Oct 2012 Feb 2014 Apr 2014 Apr 2015 Jan 2016 Employers with 250 or more staff Employers with 50 to 249 staff Employers with staff Employers with fewer than 30 staff Aug 2015 Oct 2015 April 2017 Oct 2017 Oct 2018

13 © NEST Corporation 2014 What do you need to do? Discuss the new workplace pension reforms and NEST with your team to raise awareness and understanding Be careful not to give your team financial advice – more information is available at thepensionsregulator.gov.ukthepensionsregulator.gov.uk It’s your legal duty to not encourage your team to opt-out For guidance on talking to your team about pensions visit nestpensions.org.uk/communication-material nestpensions.org.uk/communication-material

14 © NEST Corporation 2014 Workers need to keep their details up to date Make sure your workers have a valid National Insurance number Encourage them to keep their details up to date using their online NEST account They should tell NEST who they want their retirement pot to go to if they die before taking their money out of NEST Tell them where to go for more information about the workplace pension reforms and NEST

15 © NEST Corporation 2014 Where to go for more information? For more information visit: nestpensions.org.uk thepensionsregulator.gov.uk


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