From 2012 there will be a statutory requirement for employers to auto-enrol employees into a pension scheme and pay at least a minimum contribution. The new auto-enrolment scheme will be call “National Employment Savings Trust” or NEST for short aand commences from 2012.  This will require employers to review existing pension provision, HR systems and payroll procedures.

NEST is the new low cost pension scheme, previously known as personal accounts, that any employer can use to meet new workplace pension duties starting from 2012. The scheme is being designed specifically to meet the needs of low-to-moderate earners and their employers.

For Independent Financial Advice on NEST call Retirement Solutions on 0800 043 6701