From the start of the scheme year, we begin sending out annual statements to every member, with information on what’s in their retirement pots and what they might get at retirement. We send out statements in batches, based on postcodes. This means one worker might get their statement several weeks before another worker.
You’ll need to make sure HR and other managers know about this in case you get queries from workers who are worried about not seeing a statement yet.
In April, we’ll also contact any workers whose contributions in the year add up to more than the NEST annual contribution limit. We’ll ask them if they want a refund or for the surplus to be invested in the new tax year. You may want your HR colleagues to be aware of this.
On 1 April 2017, the annual contribution limit will be removed. This means workers will be able to contribute as much as they like to their NEST pot each year. However, members whose contributions go over the annual allowance on pension contributions set by the government may be charged extra tax.