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Pensions are changing

People in the UK today can expect to live longer than ever before. The number of retired people will rise by more than a third by 2050 but there will be relatively fewer people saving.

In 2008 the government introduced new pensions laws to get people saving. The idea is to help people to save by giving them access to a workplace pension scheme so they don’t have to rely on just the State Pension.

Many workers will be enrolled into a workplace pension without having to ask. This is called auto enrolment.

After they join, workers will be able to put money from their pay into a retirement pot that will be ready for them later in life. Most workers will also be entitled to a contribution from their employer and from the government in the form of tax relief.

These are big changes to the way pensions will work in the years ahead.

The new pension rules

The changes to pension rules will affect every workplace in the UK. Even if there’s a pension in place employers will need to make sure that it meets the standards that have been set by the new duties.

What is auto enrolment?

By 2018, every employer in the UK will have to provide a suitable workplace pension scheme for their workers. They’ll have to automatically enrol many of their workers and make minimum contributions on their behalf.

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Using your retirement pot

The government has also announced changes to the way you can use your retirement pot. From April 2015 you’ll have more options and be able to get free guidance on what you can do.

Find out more about the new options

Last updated: 10/20

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Received your letter from TPR?

If you’ve received your letter from The Pensions Regulator you could have less than six months to get ready. Nest is here to help.

What you need to do to get ready

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Are you being automatically enrolled in Nest?

At Nest, we believe that saving for retirement should be straightforward, worth your while and fair. Nest makes saving easy.

How Nest helps you to save