Nest updates its proposition for employers

Established to ensure every UK employer could offer a workplace pension to their employees, Nest was designed for scale – enrolling millions into pension saving to support the introduction of auto enrolment to the UK. Nest is now able to also offer a robust and efficient bulk transfers solution for UK employers.

The scheme has designed a model project management plan to guide customisation of the bulk transfers process to match each individual employer’s requirements and staffing. To support employers through the bulk transfer process, Nest has also developed a suite of communication templates and material which employers and ceding schemes can use to support their communication plans with their employees or members. 

People joining Nest as part of a bulk transfer will be enrolled in the same way as other Nest members, using their State Pension age at the time of enrolment to assign them to an appropriate Nest Retirement Date Fund. After joining, all members have the power to change their expected retirement age or their investment fund choice to better fit their work and retirement plans, their beliefs or their level of investment risk tolerance for their Nest pot.

Almost one in three of the working population already has a pension pot with Nest. The bulk transfers process identifies people with an existing Nest pension and ensures money is transferred to their existing pot. 

Commenting on the solution, Helen Dowsey, Nest’s Director of Employer and Intermediary Experience, said:

‘Developing an efficient bulk transfer process for our employers is the right step for a scheme of Nest’s size. We have a proven track record of delivering IT projects at scale and offering a bulk transfer proposition is no different.

‘We have taken the time to ensure our process is robust end-to-end and have developed a suite of communication materials and bespoke support which are delivered by dedicated transfer support managers.’