The National Employment Savings Trust (Nest) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008. Due to its public service obligation, any UK employer can use Nest to meet its new workplace duties as set out in the Pensions Act 2008.[1]
The Pensions Act 2008 established new duties which stated that employers need to provide their UK workers with access to a workplace pension plan that meets certain minimum standards. Some workers will be automatically enrolled into the pension plan and others can ask to join. The former is called 'automatic enrolment[2]'. These reforms affect the majority of UK employers and are intended to help up to 11 million more people save for retirement.[3]
National Employment Savings Trust (Nest) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of the government's workplace pension reforms. Nest is a trust-based defined contribution pension scheme, run by a trustee (Nest Corporation) on a not-for-profit basis. In April 2014 Nest Corporation announced that it had over 1 million members saving in the scheme.[4]
^"Pensions Act 2008".
^"Workplace Pensions". .Gov.uk.
^"Auto-enrolment: 11 million workers to join company pension schemes". The Guardian.
^"One million member milestone for NEST". Financial Planner Online.
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