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Daily Insurance Industry News
Sunday 18th of November 2018
October 31, 2012

NEST consults on proposed scheme changes

by Gill Montia

Story link: NEST consults on proposed scheme changes

NEST (The National Employment Savings Trust) is consulting on proposed changes to its scheme rules, in the light of latest pension legislation.

The consultation covers various technical items pertaining to NEST’s rules including:

An amendment to the definition of “minimum contributions”.

Removing the requirement for a self-enrolling member to sign terms and conditions.

Amending the definition of “self-employed”.

Updating the date of entry for some enrolments to reflect changes to regulations around pay reference periods.

Amending the rules that govern the determination of default benefit age to keep in line with recent changes to State Pension age, aligning with the flexibility introduced by HMRC in the Finance Act 2011 to allow members to take benefits after age 75.

Allowing NEST to simplify its processes around death benefits, in certain cases, to allow benefits to be paid promptly.

Providing flexibility to employers over the way in which a member’s request to cease contributions is notified to the Trustee.

The closing date for the consultation is 26th November 2012.

 

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