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What happens to my employer account once I’ve notified NEST of terminal insolvency?

Once your organisation is confirmed as insolvent, we’ll send all your active members a message letting them know that you’ve become insolvent.

Once you’ve notified us of insolvency and appointed the administrator we’ll calculate the outstanding contributions. These include both employer and member contributions. If you need to contact the National Insurance Fund (NIF) for part of the amount. We’ll discuss this with the IP or OR and NIF.

You’ll notice some changes in your NEST online account.

Once you’ve provide us with an insolvency date we won’t expect any member contributions from that date.

You won’t be able to pay any outstanding contribution schedules as we’ll disable the ‘Submit’ button and the ‘File upload’ option on your account. You can only pay the outstanding contributions through an exception schedule. We’ll calculate the outstanding contributions and let you know, you’ll then need to create an exception schedule from your online account.

Any Direct Debit mandates set up with NEST will be cancelled. You’ll need to make payment through direct credit. We’ll provide you with a unique payment reference number which you’ll need to include when making payment to NEST. If you need more information about making payments through direct debit, see Using Direct Debit to pay contributions.

You’ll receive late payment notifications for an exception schedule to your online NEST mailbox. If you’re due for any refunds, for contribution corrections, for example, these will be counted towards any outstanding contributions. This means we won’t automatically issue you with a refund.

Any in-transit contributions received after we’ve marked you for insolvency notified will not be allocated automatically as all your contribution schedules will be frozen. Instead they’ll be used to pay the total outstanding amount. However on a need basis, if the IP or OR identifies the exact schedule to which the received money needs to be allocated then we would allocate the money.

You won’t be able to enrol any workers, but you can update their National Insurance numbers if needed.

As we mentioned earlier, IP or OR will be able to pay the outstanding contributions only through exception schedules. We’ll be sending a communication to the affected members once a payment is received on an exception schedule. If the same member is present in multiple exception schedules, then the member would receive the correspondence of the payment receipt multiple times, on the basis of one per exception schedule.

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