small and micro employers will need to automatically enrol their staff into a qualifying workplace pension, and that rises to over half a million employers in 2016.
NEST’s public service obligation means that we need to be ready for however many employers choose us. We’re working hard to ensure our systems are ready for ever increasing volumes. We look forward to continuing to work hand-in-hand with others in the industry to ensure auto enrolment continues to be a success.”
Read the full press release from NEST.
Some interesting statistics and facts about NEST:
Key stats about NEST’s membership
NEST’s membership reached 1 million on 01 April 2014 Four times the total audience for Wimbledon in 2014 (491,000 attended during the two week event) Could fill every premier league stadium in the UK more than 2 and a half times (total capacity is 767,000) If you spent a day with each of NEST’s members it would take you over 5,000 years to meet them all (5479.5 years) Enrolling 2 million members in 2 and half years works out (on average) as a new NEST member every 40 seconds The workplace pension reforms mean most employers will have to automatically enrol 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, set up as part of the reforms, is a national defined contribution workplace pension scheme available to all employers to use to meet their new duties. NEST has a public service obligation to accept any employer (whatever their size) who wants to use the scheme to meet their duties. NEST 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 and the Trustee has a legal duty to act in its members’ interests.
Key facts about NEST
Queen’s Speech 2014
Queen’s Speech announcements on payroll and pensions
5 June 2014
The Queen's Speech on 4th June included a number of proposed measures with impacts for payroll and pensions. The general highlights have been published on all the principal news websites. The Prime Minister's Office has issued a briefing note giving the detailed picture as far as it is known at this stage. Below is an extract of all the text of likely interest to payroll or pensions professionals.
Pensions
Introduce a new tax framework that removes restrictions to the way individuals can access their defined contribution pension savings, and allows them to access their savings subject to their marginal tax rate
CIPP Policy News Journal
08/04/2015, Page 445 of 521
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