Building a NEST…..
Amanda attended a talk this morning given by Scott Snedden of Balmoral Asset Management Ltd on the introduction of NEST (National Employment Savings Trust) pensions from October 2012. NEST is an automatic enrolment pension scheme for UK employers of any size. The talk was a timely reminder that we all need to get organised over the next little while.
Over a staging period between October 2012 and 2018, every employer who has at least one employee will be legally obliged to:
- Set up and register a qualifying pension;
- Enroll eligible employees into the scheme;
- Make pension contributions for certain employees.
The requirements for NEST are quite strict and according to Scott, will be policed. If you would like to check the last date your business will have to introduce a scheme, you can go to:
www.thepensionsregulator.gov.uk/employers/tools/staging-date.aspx
Regardless of when you will have to introduce the scheme, it is recommended that you take advice early so that you can plan to introduce the scheme at the appropriate time. We don’t give pension advice, but Scott seemed to know what he was talking about. He is based in Edinburgh. His email is: s.snedden@balmoralasset.com and his number is 0131 221 6950.
Once you have taken advice don’t forget to speak to us about your contracts of employment as there may be changes needed and strategy to discuss.