NEST, (National Employment Savings Trust), has today issued a consultation on proposals to changes to its scheme rules, which will bring aspects of the scheme in line with the latest changes in pension legislation.
This coincides with a DWP consultation on proposals to changes to NEST's scheme order.
The consultation covers various minor and technical items pertaining to NEST's rules. These include:
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Changes which reflect amendments DWP are proposing to the NEST order, such as changing the definition of ‘minimum contributions'; removing the requirement for a self-enrolling member to sign terms and conditions; and amending the definition of ‘self-employed'.
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Updating the date of entry for some enrolments to reflect changes to regulations around pay reference periods.
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Amending the rules that govern the determination of default benefit age to keep in line with recent changes to State Pension Age.
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Aligning with the flexibility introduced by HMRC in the Finance Act 2011 to allow members to take benefits after age 75.
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Allowing NEST to simplify our processes around death benefits, in certain cases, to allow benefits to be paid promptly.
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Providing flexibility to employers over the way in which a member's request to cease contributions is notified to the Trustee.
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Reordering certain definitions for clarity.
The consultation can be found on NEST's website.
The consultation runs from 30 October 2012 to 26 November 2012. Please ensure your response reaches NEST Corporation by the closing date of 26 November 2012. Responses can be sent by email or by post, details for which are given in the consultation document.
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