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All UK Firms Must Have a NEST
"The National Employment Savings Trust (Nest) will be the new low-cost pension scheme that will be the vehicle for saving for millions. For the first time, employers will have to make pension contributions for eligible workers from 2012." ---Steve Webb, Pensions Minister, UK
The government gave its nod that all UK businesses, regardless of size, should offer a company pension scheme or enroll their staff into the new National Employment Savings Trust (NEST). NEST is set to begin by 2011, and all firms are expected to be part of the scheme by September 2016. To be eligible for automatic enrollment, an individual must earn at least £7,475 per annum. However, their contribution will depend on the current national insurance earnings threshold — £5,715. Workers that earns between those levels can opt in to NEST, with employer’s contribution as well.
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