There will be some disruption to the system over 3 and 4 October while updates are being made.
Some changes are to help improve customer journeys and others are to make Nest easier for employers, Nest Connectors (i.e. payroll bureau etc) and workers to use.
Below is an overview of the upcoming changes:
• Paper-based evidence to support a change to an employer’s organisation name will no longer be required • The restricted time period within which to amend or correct employee details will be removed • A ‘Payment due date’ column is being added to the home pages for Nest Connectors and employer delegates with consolidated accounts • Logged in users will be able to more easily access web chat support to help managing contributions • An updated member dashboard will help improve the member experience after login • Changes are being made to the Nest website to create a single, navigable site experience between logged in areas, public areas and the help centre. • Members will be able to get key updates about retirement claims and transfer requests via SMS
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Millions missing out on £1.2 billion of annual pension contributions, due to being locked out of workplace pensions in the UK 9 December 2020
Research conducted by the workplace pension provider, NOW:Pensions has highlighted the fact that there are a number of ‘under-pensioned’ groups in the UK.
The report that has been published identifies the seven most ‘under-pensioned’ groups in the UK and reveals that these are the groups that are reaching retirement age with just 15% of the average UK private pension wealth.
The key findings are as follows:
• 81% of carers, 21% of disabled people and 23% of women are locked out of automatic enrolment into a workplace pension at present • Individuals with disabilities have private pension wealth of £,7,450 – this is a mere 8% of the UK average • Those who have multiple jobs have pension wealth of £2,650 – this equates to 3% of the UK average • Only 42% of BAME groups, 53% of carers and 50% of disabled people are saving into a private pension at present
A table to demonstrate the findings of the research is provided as per below:
Median private pension wealth
% with any pension savings
Median private pension wealth (among those with savings)
UK population average
£80,690 £18,310 £26,100
65% 55% 59% 42% 50% 53% 36% 71% 87%
£217,490 £140,400 £140,400 £189,900 £111,730 £180,620 £121,200 £12,400 £302,500
Single mothers Divorced women
BAME
£0*
Disabled
£7,450 £29,800
Carers
Self-employed
£0*
Multiple Job Holders
£2,650
Men
£203,200
*This is £0 because the majority of people in these groups do not contribute to any pension saving, so when the total pension wealth for this group is divided with the number of individuals it averages out at £0.
Several common factors have been identified which present barriers to saving for retirement, and these include non- traditional work patterns, a lower percentage of homeownership and being affected by inequalities in the labour
The Chartered Institute of Payroll Professionals
Payroll: need to know
cipp.org.uk
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