Welcome to NEST for line managers (PPT)

Report
Welcome to NEST
A presentation for line managers
© NEST Corporation 2014
Legal information
© NEST Corporation 2014. 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.
© 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
© 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
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
© NEST Corporation 2014
Who pays into workers’ retirement pots?
© NEST Corporation 2014
Retirement funds designed around your workers
NEST 2058
Retirement Fund
© NEST Corporation 2014
NEST 2039
Retirement Fund
NEST 2022
Retirement Fund
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
© 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
© 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
© 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
© 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
Employers with
250 or more staff
Oct
2012
© NEST Corporation 2014
Feb
2014
Apr
2014
Employers
with fewer
than
30 staff
Employers
with 30-49
staff
Employers with
50 to 249 staff
Apr
2015
Aug
2015
Oct
2015
Jan
2016
April
2017
Oct
2017
Oct
2018
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.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
© 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
© NEST Corporation 2014
Where to go for more information?
For more information visit:
nestpensions.org.uk
thepensionsregulator.gov.uk
www.dwp.gov.uk
© NEST Corporation 2014

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