NEST Corporation today announced it will be one of the employers offering membership of NEST to its employees, together with a private top-up group personal pension scheme, provided by Aviva.
NEST Corporation is among a range of employers of different sizes and sectors using NEST ahead of the introduction of new workplace pension duties in 2012. NEST Corporation's staging date, when it becomes subject to the new duties, is likely to be in 2014.
As well as being given the opportunity to pay into NEST from later this year, permanent members of staff will be offered a top-up scheme, provided by Aviva, for contributions over NEST's annual contribution limit of £4,200 (in 2011 terms).
Total employer and employee contributions to NEST Corporation's arrangements will amount to 13 per cent of basic salary.
Tim Jones, NEST Corporation Chief Executive, said:
‘We're choosing to use NEST in conjunction with a top-up scheme for our staff because we wanted to be a part of the high quality, low cost scheme we're working to deliver. We expect many medium-sized and larger employers to use NEST alongside another pension scheme in this way and urge employers that have not yet considered how they will respond to their new employer duties to find out when the duties will impact their business and start considering their options.'
Paul Goodwin, Aviva Director of Workplace Pensions, said:
‘We're delighted to have won this contract. Aviva will be delivering an integrated and largely automated top-up group personal pension scheme for NEST Corporation's employees. There are a number of approaches to implementing effective automatic enrolment solutions in the workplace. All employers will need to review their pension provision and ensure they have the best solution in place for their employees in the run up to their staging dates.'
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