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The National Employment Savings Trust (NEST) is a defined contribution workplace pension scheme in the United Kingdom. It was set up to facilitate automatic enrolment as part of the government's workplace pension reforms under the Pensions Act 2008.
Automatic enrolment was introduced in the United Kingdom in 2012. The scheme initially covered all UK citizens in work aged between 22 and the state pension age who earned more than £8,105 a year (this amount rose to £10,000 in 2015), as well as all those not already enrolled in a workplace pension scheme.
In July 2023, the Department for Work and Pensions announced that small pots worth less than £1000 would be consolidated into larger schemes in order to tackle an issue that had been exacerbated unintentionally by auto-enrolment, the problem of lost pension pots. Every time a worker switched jobs they would open a new scheme, meaning many ...
Workplace pensions thresholds under automatic enrolment will remain at their current levels in 2023-24, as households balance saving for their future with day-to-day living costs.
As earnings rise, keeping the trigger at £10,000 will bring an additional 17,000 savers into pension savings, the Government said. Earnings trigger for automatic pensions enrolment remains at £ ...
The People's Pension is a British trust-based defined contribution workplace pension scheme for non-associated employers, commonly referred to as a master trust.After the UK's Pensions Act 2008 established new duties requiring employers to automatically enrol eligible workers into a workplace pension plan that meets certain minimum standards, [1] the People's Pension was set up in 2011 by B&CE ...
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