To help people save more for their retirement, the government requires employers to enrol their workers into a workplace pension scheme. We have chosen NEST as our workplace pension scheme provider. Auto-enrolment scheme was introduced to all eligible workers between 2012 and 2018.
NEST is a straightforward pension scheme that gives you one retirement pot for life.
Q. Am I going to be automatically enrolled?
You will be automatically enrolled into NEST after 12 weeks if you:
- Earn more than £10,000 a year (£192 per pay period)
- Are aged 22 or over; and
- Are under state pension age
- Are working in the UK
If you don’t meet the criteria, but do meet them at a later date, we’ll automatically enrol you then.
Q. How much do I have to Pay?
A deduction of 5% will be taken from your pay each week that you work, Lloyd Recruitment also contribute of 3%. Therefore, each week you work you receive 8% contribution into your pension pot. You will normally receive tax relief on these contributions.
Q. How does my contribution get to NEST?
You will make weekly contributions from your pay; Lloyd Recruitment pay this deduction direct to NEST on your behalf along with their statutory contribution.
Q. Can I join even if I won’t be automatically enrolled?
Yes. If you wish to enrol earlier than 12 week you must email us to accounts@lloydrecruitment.co.uk and make this request. Your request must include the phrase “I confirm I personally submitted this notice to join a workplace pension scheme”
Q. What happens next?
Once you’re a member of NEST you’ll receive a starter pack from NEST this will prove details of how to login to your account. You will also be given the right to opt out of the scheme.
Q. Where can I find out more information?
You can get more information about automatic enrolment at www.nestpensions.org.uk
Email support@nestpensions.org.uk or telephone member enquiries on 0300 020 0090
NEST
Nene Hall
Lynch Wood Business Park
Peterborough
PE2 6FY
You can also get more information about automatic enrolment www.gov.uk/workplacepensions
