Nest Corporation

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Julie Peaple
Julie Peaple

Nest Corporation

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Michael Hames
Michael Hames

Nest Corporation

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1 Contributions by Nest Corporation

NEST and NEST Corporation: UK legal framework, governance, funding, independence and accountability of the authorised master trust
PRACTICE NOTES
NEST and NEST Corporation: UK legal framework, governance, funding, independence and accountability of the authorised master trust
Practice Note In this Practice Note, any mention of the National Employment Savings Trust (NEST) Order refers to the National Employment Savings Trust Order 2010, SI 2010/917, in force from 25 May 2018. Citations to the NEST Rules mean the Rules of the National Employment Savings Trust effective from 5 August 2024. NEST is a trust-based, low-cost occupational pension arrangement, created within the government’s workplace pension reforms so that any employer can satisfy new obligations under the auto-enrolment framework. Its intended audience is UK workers new to pensions who previously lacked access to a high-quality, low-cost workplace scheme. NEST meets the definition of a ‘Master Trust scheme’ in sections 1–2 of the Pension Schemes Act 2017. Accordingly, from 1 October 2018 it has been subject to the authorisation and supervision regime for Master Trust schemes. It was therefore obliged to seek master trust
Pensions

1 Contributions by Nest Corporation Experts

NEST versus occupational pension schemes: master trust status, public service obligation, membership and tax relief, charges and investment, transfers, death benefits, employer participation, panels, research duty and pension freedoms
PRACTICE NOTES
NEST versus occupational pension schemes: master trust status, public service obligation, membership and tax relief, charges and investment, transfers, death benefits, employer participation, panels, research duty and pension freedoms
NEST Order and NEST Rules In this Practice Note, any mention of the National Employment Savings Trust (NEST) Order refers to the National Employment Savings Trust Order 2010, SI 2010/917 (the NEST Order), as in force from 25 May 2018. References to the NEST Rules mean the Rules of the National Employment Savings Trust effective from 5 August 2024. NEST is a low-charge, defined contribution occupational pension arrangement created as part of the government’s workplace pension reforms. Those reforms introduced a suite of employer obligations (the ‘employer duties’), including a requirement to place eligible jobholders automatically into a pension scheme that satisfies prescribed standards (an ‘automatic enrolment scheme’). NEST was designed to guarantee that every employer could access a low-charge vehicle to help them discharge these new duties. NEST has continued to grow strongly, with membership rising from 12 million to 13 million between March 2023 and
Pensions
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