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The hard work is not over yet: NEST comment on new workplace pensions for more than 2 million people

Published: 16 December 2013

Commenting on the government's announcement today that more than 2 million people have begun saving into a workplace pension scheme as a result of automatic enrolment, NEST's director of communications and engagement Graham Vidler, said:

"2 million new savers is an encouraging milestone, with another 2 million or so due to be enrolled next year. But the hard work’s not over yet. Next year tens of thousands of companies, some of which may never have set up a pension scheme before, will reach their staging dates within just a few months.

“We’re ready to welcome any employer that chooses to use NEST and are already working with over 2,100 employers. But we’d encourage all employers to start planning early. Our experience is that it can take quite a few months to get ready and some employers find their existing providers can’t offer an automatic enrolment solution for all their staff.

“It’s worth getting ahead of the curve and finding out exactly where you stand and when you are affected."

Key facts about NEST:

  • The government is currently introducing reforms that mean employers will have to automatically enrol most of their workers into a workplace pension scheme that meets or exceeds certain standards. They’ll also need to make a minimum contribution for many of these workers.
  • NEST, which was established by government as part of these reforms, is a national defined contribution workplace pension scheme available to all employers to use to meet their new duties. It is designed around the needs of people who are largely new to pension saving, with clear communications, low charges and easy online tools and services. It is run as a trust-based scheme, on a not-for-profit basis, and the trustee has a legal duty to act in its members’ interests.
  • NEST has a public service obligation to accept any employer (whatever their size) who wants to use the scheme to meet their duties, as a sole scheme or alongside other provision.