At Nest we continue to provide a high quality, low cost pension scheme suitable for everyone. Over 70,000 new employers chose Nest in 2022 and we think it’s because we continue to put you and your clients’ needs at the heart of our offering.
Automatic enrolment limits
DWP have published their review of the automatic enrolment earnings trigger and qualifying earnings band for 2023/24. This confirms that Government has decided to maintain all AE thresholds at their 2022/23 levels.
The lower limit of the qualifying earnings band for 2023/24 will be £6,240 and the upper limit will be £50,270. The earnings trigger will be maintained at £10,000 for 2023/4.
If you would like to know more please visit Review of the Automatic Enrolment Earnings Trigger and Qualifying Earnings Band for 2023/24: Supporting Analysis – GOV.UK (www.gov.uk)
Supporting Nest savers through the cost of living crisis
The cost of living crisis has the potential to affect financial markets. As the UK’s largest workplace pension provider, we’re well placed to weather those potential risks. Our investment strategy is carefully designed to take these kinds of short-term issues into account, helping our members’ pension pots weather the years or decades they’ll be saving.
Nest research indicates that, even in the current economic climate there will be no increase in the likelihood of our members stopping contributions to their pension. However, we still recognise that, in these uncertain times our members will have plenty of questions about their pension. With this in mind we have built a web page to help support them.
Helping your clients avoid late payment notifications
Employers have a legal obligation to ensure pension contributions are paid and invested in the pension scheme by their payment due date. Failure to do so may result in being reported to the Pensions Regulator, which can be stressful.
To help make sure this doesn’t happen to your clients, there are useful hints and tips and a short video here.
Helping your clients workers understand their pension
Whether it’s improved financial wellbeing or easier retirement planning, making pensions simple benefits your clients’ workforce. We’ve created a video for you to share with your clients that clearly explains how their workers’ pension works. It covers all the basics, like who contributes to their pot and how Nest aim to grow their money. In our employee engagement toolkit in the ‘Learning the basics’ section you’ll find a link to the video and a set of templates to help your clients promote it in their workplace.
How does Nest’s investment performance compare in the market?
The latest Corporate Adviser Pensions Average (CAPA) data, from Q3 2022, is shown in the chart below. It continues to show that Nest is delivering returns above the market average and doing so at significantly lower levels of investment risk, particularly when compared with the other top 10 defined contribution pension providers.
An award-winning pension scheme
We’re proud to be recognised for delivering one of the highest quality workplace pension schemes in the market and we are delighted to recently win the following accolades.
- Ultimate Default Fund winner – Corporate adviser awards
- Best Investment Strategy Provider – European Pensions Awards
- Defaqto – A 5-Star rating for 6 years running
- CIO Magazine 2022 Next Gen (16 rising stars that are named as asset allocation leaders of the future) – Nest Deputy Chief Investment Officer, Elizabeth Fernando