Draft NEST Order Published
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The DWP has published a consultation on the Draft National Employment Savings Trust (Amendment) Order 2018.
The consultation seeks views on proposals to improve the National Employment Savings Trust (NEST) pension scheme for the benefit of employers and members.
The proposed changes will:
• allow participating employers to contractually enrol their employees in the National Employment Savings Trust (NEST) pension scheme
• clarify that individuals may join NEST in the event of a ‘bulk transfer with consent’ and require that any amount must be applied to a member’s account as a result of a bulk transfer
• give NEST Corporation the ability to close members’ pension accounts that have zero funds if certain conditions are met
• require NEST Corporation to carry out research with scheme members and participating employers and their representatives, in connection with the operation, development or amendment of the scheme
The intention is that the order will come into force on 1 April 2018, but it is subject to approval by Parliament.
Responses should be emailed to: Nicola.Lloyd@dwp.gsi.gov.uk
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