NEST is the “default” Qualifying Workplace Pension Scheme which has been set up and designed to provide a solution for all employers. It is one of the options that will satisfy the requirements under the Pensions Act for Auto Enrolment. Full details on the scheme can be found on the link to their website.
Please click here to view the NEST website.
Auto Enrolment Solutions are able to offer advice on a range of QWPS solutions, whether NEST, a bespoke money purchase scheme or utilising an existing in house scheme (subject to meeting the requirements under the law).Obtaining independent financial advice is strongly recommended to ensure suitability for both your business and members of the scheme.
Money Purchase Pension schemes must meet specific criteria and certified by the employer to show that this has been done to qualify for auto enrolment. The Department for Work and Pensions (DWP) has issued detailed guidance notes for this and also on offering a suitable default fund and these can be found on the links below. However, these are meant as a guide only and do are not intended to replace the need for independent advice.
Guidance for offering a default option for defined contribution automatic enrolment pension schemes:
Please click here to view the PDF
Guidance on certifying money purchase pension schemes and the money purchase element of certain hybrid pension schemes:
Please click here to view the PDF
