Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

National Employment Savings Trust definition

What does National Employment Savings Trust mean? A government-established workplace pension used by employers to meet automatic enrolment (auto‑enrolment) duties for eligible workers. In legal practice, “NEST” denotes the statutory trust‑based defined contribution occupational pension scheme created by the Pensions Act 2008 and operated by NEST Corporation (a public corporation acting as trustee). Key legal features include: - Qualifying scheme status for automatic enrolment, with a public service obligation to accept any employer and eligible worker. - Standardised participation terms, default investment options and a low‑cost charging structure set under scheme rules. - Transfers in and out generally permitted, subject to legislation and scheme rules. - Engagement with The Pensions Regulator...

NEST and NEST Corporation: UK legal framework, governance, funding, independence and accountability of the authorised master trust

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Practice notes

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 authorisation, which it duly secured in September 2019...

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Web page updated on 21/05/2026

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