Are you ready for NEST?

The Government has announced that all UK businesses, irrespective of size, will be compelled to offer a pension scheme to their staff or alternatively enrol their staff into the new National Employment Savings Trust (NEST).

This is a huge change as workplace pension provision has always been voluntary until now. It will mean that approximately 750,000 employers will have to provide a workplace pension for their staff, for the first time.

The Department of Work and Pensions estimates that 14 million people do not currently receive a pension from their employer. These reforms are targeted at those employees. It is estimated that between four and eight million workers will start to save for their retirement for the first time.