Welcome

to NEST
All the key information you need
about being a member of NEST
2

Please write your NEST ID here:

You’ll find this number on the welcome
letter we sent when you joined NEST.

Welcome to NEST
Building a retirement pot is important. We When can you take your money out
know you take it seriously. We do too. We’ve of NEST?
designed NEST to make it easy for you. Now
that you’re a member you can take control You can choose any date from your
of your retirement pot if you want to. It’s up 55th birthday.
to you how involved you’d like to be. NEST is It’s really important to let us know
designed to look after your money whatever when you plan to take your money out
you choose to do. of NEST so we can try to manage your
money accordingly - see page 13 for more
How do you know how much money information. You can do this by logging
is in your NEST retirement pot? into your account.
You can check what your retirement pot There’s more information about taking
is worth, whenever you want, by logging your money out on page 15.
into your online account. You can also
keep track of what’s being paid in by you, Who gets your money?
your employer and the government.
To start using your online account visit Your NEST retirement pot is only there for
nestpensions.org.uk/myaccount you and your loved ones. So it’s important
that you tell us who you’d like to receive
it if you die before you take your money
out. This could be your partner or spouse, a
Your online account family member or a charity.
There are lots of reasons to log into Find out more about how you can do this
your online account. You can read more on page 20.
on page 6.
 3

What’s inside
01 
About us 06 
Taking your money out
page 4 of NEST
page 15
02 
Why have a pension?
page 5 07 
Dying before taking your
money out
03 
Being a member of NEST page 20
page 6
08 
What other help
04 
Contributing to NEST is available?
page 8 page 22

05 
What happens to your
money in NEST?
page 13
4

01 About us

Helping you to save for your Making pensions easier

retirement We understand that pensions can be
NEST is here to help you to build up a confusing. That’s why we’re doing our
retirement pot. A lot of people in the UK best to keep things simple and put you
haven’t had a workplace pension before, in control.
so we’ve spent time finding out what they
We don’t use jargon and we take the time
want and need from a scheme like NEST.
to make sure information about your
NEST is an occupational pension scheme pension is easy to understand.
run in members’ interests and we’ve been
We know that pensions aren’t always a
set up to look after your money.
day-to-day concern. Our research shows
that many people just want to keep on
contributing and let us take care of the rest.
NEST lets you do exactly that with a
straightforward approach designed to
help your retirement pot grow over the
long term.

The people who run NEST

NEST Corporation is the organisation
that runs the NEST pension scheme. It’s
made up of a Chair and up to 14 Trustee
Members who run the scheme in the
interests of our members.
In this booklet we use the term NEST
to refer to both NEST Corporation and
the scheme.
Find out more by visiting nestpensions.
org.uk/hownestisrun
 5

02 Why have a pension?

It’s a good idea to put some extra money Putting money away for the future
away for your future. A lot of people plan
to rely mainly on the State Pension. It’s There are many different ways to put
worth remembering that the basic State money away and lots of people choose
Pension is £115.95 a week for 2015/2016. to do it through a savings account or by
putting cash into an ISA. However, at the
The State Pension can give you a moment bank accounts don’t offer high
foundation for your income in retirement, rates of interest. When you come to retire
but may not give you enough money for you may find that the money you’ve saved
the retirement you want. is worth less than you expected because of
the increased cost of living.
Why a workplace pension
is different NEST aims to grow your money more
than if you put it in a bank account and
Putting money aside for retirement needs built up interest.
a special approach. Between now and the
time you retire the cost of things such as
food, petrol and taking a holiday is likely to
go up. You need to make sure your money
grows more than the rising cost of living. A
pension scheme is one of the best ways of
doing this.
A pension can also offer some long-term
security for your family, partner or loved
ones. If you die before taking your money
out of NEST and you’ve told us who you’d
like to get your money, we’ll do our best to
make sure they get it.
6

03 Being a member of NEST

You’ve chosen to join NEST and have been 3 Make sure we have up-to-date
enrolled by your employer. details for you
You can learn more about who can be
a member of NEST and ways of joining
by visiting nestpensions.org.uk/
joiningnest

Using your online account

As a member of NEST you have your 4 Find out how much you could get
own online account. By logging into your when you take your money out
account you can start to make the most of
being a member of NEST.

What can you do with your online

account?

1 See the value of your 5 Pay in more or stop contributions

retirement pot for a while

£??

2 Check if your employer

is contributing
6 Tell us who you’d like your
money to go to if you die
 7

When you log into your account you Logging into your online account
can also access your own secure online
mailbox. This is where you can find all When you log into your online account
the information we send you. It’s a good for the first time you’ll need your National
idea to let us know your email address Insurance number and your NEST ID. You’ll
so we can email you as soon as there’s find your NEST ID at the top right of the
something new in your NEST mailbox. the welcome letter we sent you when you
That way you can receive important joined. If you can’t find it don’t worry, you
information from us quickly. can still log in with your date of birth.

Sending you communications electronically Go to nestpensions.org.uk/myaccount

instead of on paper helps us to keep costs and follow the instructions on-screen.
low. Lower costs mean we can keep charges
low for all members, so more money goes Your retirement pot stays with you
towards your retirement. It’s good for the even if your circumstances change
environment as well. Now that you’re a member of NEST, you
can keep the same retirement pot and
contribute to it even if your circumstances
Getting NEST information change. For example, you can still
by post contribute if you become self-employed or
stop working.
If you want to receive NEST
communications on paper, you’ll need If you change jobs and your new employer
to let us know. You can do this by uses NEST then both you and your
logging into your account, calling us or employer can contribute to the pot you
writing to us. Find our contact details at already have.
the back of this booklet. Even if your next employer doesn’t offer
NEST you can still contribute directly to
your NEST pot yourself. You’ll need to
contribute at least £10 each time.
8

04 Contributing to NEST

The best way to build up a retirement pot What does the value of your pot
is to start as soon as you have the chance depend on?
and then keep contributing.
Contributions - see pages 9 and 10.
It’s never too late to start. No matter when
you start or how much is being paid into Charges - see page 11.
your retirement pot, at NEST we’ll look Growth - see section 5 on page 13.
after it carefully.

Contributing to your retirement pot

You should have already received
information from your employer telling you
if they will be paying contributions for you. If
not it is best to contact them directly.
If your employer isn’t making
contributions, the only minimum amount
that applies to you is £10, when you make
a direct contribution to the scheme.
If you’re not entitled to employer
contributions at the moment, you may
find that if your circumstances change in
future you may become entitled to them.
You can find out more about who’s
entitled to employer contributions at
nestpensions.org.uk/joiningnest
 9

Contributions How tax relief works

Contributions can come from: If you’re eligible for tax relief, for every 80p
that you contribute to your retirement pot
You or someone paying in for you you’d normally get an extra 20p added to
As well as regular contributions, your pot from the government.
one-off contributions of at least
Even if you don’t have any earnings you’ll
£10 are also allowed.
still receive tax relief on £2,880 of your
Your employer contributions in a tax year.
Your employer can make regular This will only be the case if either:
contributions.
you were a resident in the UK at some
The government through tax relief point during that tax year
At the moment the basic rate of tax you were resident in the UK when you
relief is 20 per cent. joined NEST and at some point during
the five years before the year you’re
claiming tax relief.
Making contributions Your pension contribution is deducted after
tax is calculated on your pay. NEST will
To make contributions or set up a claim basic tax relief on your behalf and
direct debit you’ll need to log into add it to your pot. This means that money
your account. You can do this at that would have gone to the government
nestpensions.org.uk/myaccount as tax goes into your pension pot.
If you pay tax at a higher rate on some of
Contributions from other people your earnings, you may be able to get more
tax relief on your contributions. You’ll need
Other people can contribute to your
to claim this yourself by completing a Self
retirement pot, for example your
Assessment tax return and sending it to
partner or spouse. They can do this
back to HMRC.
using a debit card.
Find out more at gov.uk/self-
Our website gives you more details on
assessment-tax-returns
how to make payments at nestpensions.
org.uk/costsandcontributions
10

NEST’s annual contribution limit At the end of the tax year, if you’re over
the contribution limit we’ll work out
Currently NEST has an annual contribution how much, if anything, needs to be
limit. This means there’s a cap on how refunded to you. We’ll then give you the
much money you can pay into your NEST option of taking a refund or putting these
account in a single year. contributions back in the pot against next
The limit for the 2015/16 tax year is £4,700. year’s annual contribution limit.
The trustee of NEST adjusts this figure Find out more about the annual
every year in line with average earnings. contribution limit under ‘Once you’re
From April 2017 the limit is due to be enrolled’ at nestpensions.org.uk/faqs
removed completely. After this you won’t be
restricted by the annual contribution limit Are there any exceptions where
on the amount you put in. NEST will accept contributions
over the annual contribution limit?
What counts towards the annual
contribution limit? Yes. There are some exceptions. For
example, when money comes into your
The limit includes your contributions and NEST retirement pot in a lump sum in the
any tax relief from the government. It two situations outlined below.
doesn’t include the contribution charge.
That’s taken off when your contributions  court has awarded you a share of an
A
go into your retirement pot. So, the most ex-spouse or civil partner’s retirement
that can be paid into your retirement pot pot in a divorce or at the end of a civil
each year is the annual contribution limit partnership.
minus the 1.8 per cent contribution charge You’re moving your money from an
(see next page). occupational pension scheme that
If any contributions you make directly you’ve saved in for more than three
into NEST take you over the annual months but less than two years. For
contribution limit, or you’re already over more on this, see page 12.
the limit when you make them, we won’t If one of these situations applies to you, the
accept these. transferred amount won’t count towards
the annual contribution limit.
This means that together with your own
and any regular contributions from your
employer, the total contributed to your pot
in a year could be more than our annual
contribution limit.
04 Contributing to NEST 11

NEST’s charges
We also take a very small percentage
NEST is an occupational pension scheme off the value of your retirement pot
run in members’ interests. We don’t make over the year. This is known as an
a profit from looking after your money. annual management charge.
However, we need to cover the costs of
This amount is 0.3 per cent.
setting up the scheme and managing your
retirement pot. Suppose your total retirement pot is
worth £5,000. This means we charge
How our charges work £15 over the year.
We take a small percentage of the
money going into your pot known 10
10
as a contribution charge. £5,000
This amount is 1.8 per cent.
Suppose £25 is being added to your pot
each month. This means of this £25, we In this example, where £25 is paid in
take a contribution charge of 45p. every month and the total amount of
money in your pot at the beginning of
the year is £5,000, the total you’d pay
5
20 in charges in this year is about £20.
20p 20p 5p

Over 12 months if £300 is added to

your pot, then the contribution charge
over the year works out as £5.40.
12

Can you move money into NEST *You’ll only be able to do this if:
from another pension scheme?
you joined your previous workplace
From April 2017 you’ll be able to move pension scheme before 1 October 2015
money from other pension pots to NEST. and were a member for more than three
Until then, there are only two months and less than two years
circumstances in which you might be able or
to move money into NEST from another
pension scheme. You’ll need to check the you joined your previous pension
other pension provider’s rules first. scheme after 1 October 2015 and were
You can transfer into NEST if: a member for more than three months
and less than two years, and your
you’re awarded a share of a former previous pension was either a defined
spouse or partner’s retirement pot. benefit arrangement or a mixed benefit
you’re moving your money from an arrangement that included defined
occupational pension scheme that benefit.
you’ve saved in for more than three Check with your previous pension provider
months but less than two years.* to see if you fall into either of the above
categories.

Transfer

£??
Other pension NEST
scheme retirement pot
 13

05 What happens to your money in NEST?

Managing your money So whether you’re near retirement or

further away from it, we’ll have a NEST
We understand that most members are Retirement Date Fund for you.
looking for steady, consistent growth
from the money they put into their For example, if you expect to take your
retirement pots. money out in 2022, your retirement
pot will be invested in the NEST 2022
When you put money into NEST we Retirement Fund.
manage it carefully for you.
If on the other hand you expect to take
Helping your pot grow your money out in 2058, your retirement
pot will be invested in the NEST 2058
We aim to make your pot grow for when Retirement Fund.
you retire.
Each of these funds is managed according
We do this by buying things that usually to the life stage of members in it. If you’re
increase in value over time, such as shares five years from retirement we’ll manage
in a company or property. As the company your money in one particular way, making
grows or as the property goes up in value sure it’s ready for you to take it out. If
you share in the profit. However there is no you’re 20 years from retirement, we’ll
guarantee that values will always increase manage your money differently, focusing
and the value of your pot could fall as well on growing it as much as possible. You can
as rise. read more about how and why we do this
on our website at nestpensions.org.uk/
NEST Retirement Date Funds nestretirementdatefunds
When you join NEST we put your money To make sure we invest your money in the
into one of our NEST Retirement Date right way, it’s important that you tell us the
Funds. We’ll have a NEST Retirement Date correct retirement date for you.
Fund for every year a member could take
their money out of NEST.
Unless you tell us differently, we’ll assume
you’ll take your money out of NEST when
you reach 65 or your current State Pension
age, depending on your date of birth.
14

Other funds How to make the most of your pot

Some members may have personal Keep at it
beliefs or preferences about how we
The most straightforward and reliable way
manage their money.
to build your retirement pot is to keep
For example, some people may feel making contributions.
strongly about fair trade, labour rights
That way you won’t lose out on any money
or the environmental impact of the
from your employer or any tax relief you
companies they put money into. Others
may get from the government.
may want a way of putting money away
that fits with Islamic principles. Put more in
Alternatively they may just want their You can increase your contributions at any
money to be invested in a way that aims time, so long as no more than £4,700 is paid
to grow it differently from the NEST into your NEST account in any one year.
Retirement Date Funds. From April 2017 you won’t be restricted
by the annual contribution limit on the
For these reasons NEST offers a carefully
amount you put in.
selected choice of other funds.
To see the difference even small extra
These funds are:
contributions could make to the value of
NEST Ethical Fund your pot and what you could get when you
come to take your money out of NEST you
NEST Sharia Fund can use our pension calculator at
NEST Higher Risk Fund nestpensions.org.uk/pensioncalculator
NEST Lower Growth Fund Leave it in longer
NEST Pre-retirement Fund. Leaving your money in longer means you’ll
have more time to make contributions
You can find out more about all of our
and we’ll have more time to grow your
fund choices at nestpensions.org.uk/
retirement pot. You won’t get tax relief on
otherfundchoices
any contributions after you reach age 75.
 15

06 Taking your money out of NEST

When can you take your money out? Can you take your money out early?
You can take your money out of NEST at There are very few circumstances where
any point from your 55th birthday. We don’t you can take out your money before
charge you for taking your money out so you reach 55. You can’t, for example,
the full value of your pot will be available transfer your pot because you’ve left your
when you’re ready for it. employer unless you’re at least 55. But if
It’s a good idea to tell us when you plan you’re suffering from serious ill health or
to take your money out so we can make are unable to work any more, you may be
sure we manage your retirement pot to be able to take your money earlier. To do this
ready for that date. you’ll need to have your medical condition
confirmed by your doctor or registered
If you don’t tell us the date you want to medical practitioner.
take your money out of NEST we’ll assume
you’ll take your money out at: Be extremely cautious if you’re offered
early access to your retirement pot for
age 65 if you were born on or before any other reason. These offers are usually
5 December 1953 scams that could end with you losing some
or all of your retirement savings. Find out
your current State Pension age if you
more at pensionwise.gov.uk/scams
were born after 5 December 1953
.
age 75 if you’ve already reached 65 or
State Pension age at the point of joining.
The State Pension age is changing over the
next few years. You can find out what yours
is at gov.uk/calculate-state-pension
We’ll automatically invest your money in a
fund tailored for the year of your retirement.
You can change your retirement date at
any time by logging into your account and
clicking Take your money out.
16

Understanding your choices Taking cash from your NEST

1
retirement pot
When the time comes to take your money
out of NEST, there are a number of things
you can do with your retirement pot.
Your options will depend mainly on how
much is in your pot.
Getting a guaranteed income
NEST can help you understand these 2
through an annuity
options and offer information to support
you in making your decision.

Transferring your pot to another

3
scheme

There are other ways you can take money

out of your retirement pot that are not
currently offered by NEST. There will be
different tax implications depending on the
option you choose.
06 Taking your money out of NEST 17

Option 1 – Taking cash from your NEST The income you can get from your
retirement pot retirement pot depends on a few different
factors. Some of them are about decisions
When you reach retirement you’ll need
you make, for example if you want a level
to decide whether or not you want to
income or one that increases with the rising
take any of your retirement pot as cash.
cost of living.
Your personal retirement options is a
personalised letter telling you the options The amount of income you get will depend
avialable to you. You’ll receive this along on how much money is in your retirement
with your retirement letter and Taking your pot, your age and what level of income
money out of NEST, a booklet designed to an annuity provider is prepared to offer
help you think about what you want to do you at the time. There are many different
with your money when you take it out of products and providers out there, so it’s a
NEST. good idea to shop around to get the best
option for you.
Keep in mind that if you decide to take
all of your money out as cash, it means
you’ll have used up your whole retirement You tell NEST your
pot. This means you won’t get any future chosen provider for
income from your NEST savings. your annuity
You can take all of your pot as cash from NEST will arrange to
age 55. One quarter of it will be tax-free. convert your pot
Any cash you take over this tax-free
amount will be taxed as income.
Convert
Option 2 – Getting a guaranteed income
through an annuity
You can choose to convert some or all of You’ll receive
your retirement pot into a regular income. a guaranteed
One way to do this is to buy a product retirement
called an ‘annuity’ from an insurance income for the
company. With an annuity you can get a rest of your life.
guaranteed income paid to you for the rest
of your life.
NEST doesn’t provide annuities. However,
if you decide you’d like to use your NEST
pot to buy an annuity we can help you
arrange this once you’ve chosen a provider.
18

You can choose to take up to a quarter of Option 3 – Transfer your retirement pot
your pot as tax-free cash before buying the to another scheme
annuity.
You might choose to transfer your money
out of NEST if you want to:
You’ll receive your cash lump sum
immediately when you take your Bring all your pots together
money out of NEST. If you have money in more than one
pension scheme you might want to put
it all in one place. NEST will be able to
accept money in from other pension
schemes from April 2017. Until then,
you’ll need to transfer out of NEST to
bring more than one pot together.
Access more options for taking your
You can then money out
purchase a
retirement income You may decide to make withdrawals
with what’s left in from your pot or start getting a
your pot. retirement income while keeping the
rest of your money invested. Options
like these aren’t currently offered by
Convert NEST, so to access them you’d have
to transfer your NEST retirement
You’ll then receive pot to a provider that does. Read the
an income for the Money Advice Service leaflet, Your
rest of your life. pension - it’s time to choose for a useful
overview on your retirement options, at
moneyadviceservice.org.uk
06 Taking your money out of NEST 19

You can transfer your money out of NEST How NEST can help you choose
into another pension scheme at any time
from the age of 55. If you’re six months or less from the
date we expect you to take your money
NEST won’t charge you anything for out of NEST we’ll send you personalised
transferring your pension pot. However, information about your options. This will
the provider you transfer to may charge help you choose the option you feel is right
you for receiving and looking after your for you.
money.
At this point we’ll also give you full
You can find out the value of your instructions on how to get help with your
retirement pot and request a transfer by retirement options.
logging into your online account or by
calling us. You can also write to us using the Help with your retirement options
address on the back cover of this booklet.
The government has set up Pension Wise
The value of your pot will depend on the - a service that offers you free, impartial
day that the transfer takes place. This is guidance about your retirement options.
known as the ‘transfer value’. When you’re close to retirement you’ll be
able to get tailored help over the phone
or face-to-face. You can also find lots of
general guidance about retirement options
Transfer on their website at pensionwise.gov.uk
or by calling them on 0300 330 1001.

NEST Other pension

retirement pot scheme
20

07 Dying before taking your money out

Making sure the right person gets How your pot is paid and taxed if
your money you die
You can tell us who you’d like to get your If you die before your 75th birthday we’ll
retirement pot should you die before normally pay a cash lump sum to your
taking your money out of NEST. This is nominated beneficiaries tax-free.
known as your nominated beneficiary. It
If you’re 75 or older when you die, what’s
could be your partner or a member of your
paid to your nominated beneficiaries will
family, your favourite charity, a trust or a
depend on whether or not they are classed
combination of people and organisations.
as ‘dependants’. Dependants include:
It’s important to keep your nominations
up to date. If you change your mind about a spouse or civil partner
who should get your pot you need to tell your children if they are aged up to 22
us. Otherwise, if you die we have to follow (or continue to be financially dependent
your most recent instructions. on you because of a disability)
The quickest way is to log into your someone who is not your spouse, civil
account and go to Edit profile. partner or child but who depends on
you financially.
If your nominated beneficiaries are:
non-dependants, they’ll be paid your pot
as a lump sum which will be taxed. The
rate of tax due will be 45 per cent up
until April 2016. After that date the tax
due will be based on the highest rate of
tax that they pay on their income.
dependants and they choose to take a
lump sum, this will be taxed the same
way as non-dependants, except for the
first £30,000 of the lump sum. This will
be taxed at the highest rate of tax that
they pay on their income. If they choose
to buy a retirement income it will be
taxed at the highest rate of tax they pay
on their income.
 21

What happens if you don’t nominate How can you make sure the right
someone? person gets your money?
If we can’t find the person you’ve
1 Log into your online account
nominated, they’ve died, or you didn’t
nominate anyone, we’ll normally have
to pay your retirement pot to whoever is
appointed to look after your estate.
They’ll be responsible for distributing
your estate in line with your will, or if you
don’t leave a will, in line with the law. We 2 Tell us who you want to receive your
may decide to pay anything left over that NEST retirement pot
isn’t more than £5,000 to one or more of
your relatives.
Insert name here
If you die after reaching age 75 without
nominating any beneficiaries, we may pay
a lump sum to your estate and this will be 3 Keep your nominations up to date
taxed at 45 per cent.
22

08 What other help is available?

Further help Help with your retirement options

You can find answers to frequently asked The government has set up Pension Wise
questions at nestpensions.org.uk/faqs - a service that offers you free, impartial
guidance about your retirement options.
If this doesn’t resolve your issue you can
When you’re close to retirement you’ll be
contact us by email at
able to get tailored help over the phone
support@nestpensions.org.uk
or face-to-face. You can also find lots of
Or you can call us on 0300 020 0090 general guidance about retirement options
on their website at pensionwise.gov.uk
When you call us, you’ll need to tell us
or by calling them on 0300 330 1001.
your:
Making a complaint
NEST ID
Things can go wrong from time to time.
date of birth When that happens, our aim is to resolve
National Insurance number or the your complaint in an efficient, fair and
‘alternative identifier’ your employer timely way. Where we’ve made a mistake
gave you when they enrolled you. we’ll explain what went wrong and take
steps to put things right.
You can also write to us at:
We’ll acknowledge your complaint within
NEST
five working days and give you a complaint
Nene Hall
reference number. We’ll then investigate it
Lynch Wood Business Park
and try to resolve it as quickly as possible,
Peterborough
within 20 working days. If we think it’ll take
PE2 6FY
longer or it’s not a complaint we can deal
with, we’ll let you know.
We’ll also let you know if your complaint
is actually with a third party, such as your
employer. In this case we’ll be unable to
handle it. But we’ll let you know if this is the
case and why.
For more information please see
‘How we handle complaints’ at
nestpensions.org.uk/complaints
 23

Contact us online Information we’ll need:

If you’re a member of NEST, a participating the facts relating to the complaint
employer or a delegate acting on or dispute
behalf of a member or employer using
NEST, you can log into your account whether the matter is known to have
at nestpensions.org.uk and select been brought to the attention of any
‘Raise a complaint’ in the Admin section. other regulatory authority (such as the
Alternatively you can send us a secure Pensions Ombudsman)
message through your mailbox. whether any legal proceedings are
Contact us by phone known to have commenced in relation
to the same subject matter
Call us on 0300 020 0090
any relevant documents and
Write to us correspondence.
NEST In certain circumstances, if you’re
Nene Hall dissatisfied with our response you can ask
Lynch Wood Business Park us to handle your case as a dispute.
Peterborough
For details of how to raise a dispute and
PE2 6FY
who can do it, please see
nestpensions.org.uk/complaints
If you can raise a dispute you can ask us to
investigate straight away, without having to
make a complaint first. You can do this by
stating that you’d like your concerns to be
handled under the dispute procedure when
you contact us.
24

The Pensions Advisory Service The Pensions Ombudsman

The Pensions Advisory Service (TPAS) If you’re still not satisfied once your
is available to help members and complaint has been taken through our
beneficiaries of NEST with any: dispute procedure and raised with
TPAS, you can take your case to the
pensions query they may have Pensions Ombudsman.
difficulty they’ve failed to resolve The Pensions Ombudsman may investigate
with NEST. and determine disputes in relation to an
You can contact them at: occupational pension scheme such as NEST.
The Pensions Advisory Service You can contact the Pensions
11 Belgrave Road Ombudsman at:
London The Pensions Ombudsman
SW1V 1RB 11 Belgrave Road
0845 601 2923 London
pensionsadvisoryservice.org.uk SW1V 1RB
020 7630 2200
pensions-ombudsman.org.uk
enquiries@pensions-ombudsman.org.
uk
08 What other help is available? 25

The Pensions Regulator Our annual report and accounts

The Pensions Regulator (TPR) is the UK NEST Corporation publishes an annual
regulator of work-based pension schemes. report on the activities of NEST during
the previous scheme year, together with
It works with trustees, employers, pension
NEST’s annual financial accounts. You can
specialists and business advisers to protect
find the most recent report and accounts
members’ benefits and encourages high
at nestpensions.org.uk/library
standards in running pension schemes.
Our Members’ Panel also publishes
TPR is able to intervene in the running
an annual report on how far NEST
of schemes where trustees, providers or
Corporation has taken into account the
employers have failed in their duties.
views of members and of the panel when
You can find helpful information about making decisions about how NEST is
TPR at thepensionsregulator.gov.uk operated, developed and changed.
You can contact TPR at: You can find the most recent Members’
Panel annual report at
The Pensions Regulator
nestpensions.org.uk/memberspanel
Napier House
Trafalgar Place
Brighton
East Sussex
BN1 4DW
customersupport@tpr.gov.uk
26

NEST’s registered pension scheme

details NEST’s order and rules
NEST is a Registered Pension Scheme Some of the areas this booklet covers
under Chapter 2 of Part 4 of the Finance are set out in the legal framework that
Act 2004. NEST’s Pension Scheme Tax governs NEST, known as the order
Reference is 00765918RD. and rules.
We’ve taken care to make sure that
NEST’s pension input period where this booklet summarises the order
There’s a limit to how much tax relief you and rules it’s as accurate as possible. It
can get on your pension contributions doesn’t cover everything and the order
every year, called the annual allowance. and rules will always take priority.
You can currently only get tax relief on You can read the full order and rules at
contributions totalling up to £40,000. nestpensions.org.uk
The period of time over which this is
calculated is called a ‘pension input period’.
From 6 April 2016 the period for NEST and This version of Welcome to NEST
all other schemes runs from 6 April to 5 was published in March 2016,
April each year. Before this, NEST’s period replacing the May 2015 version. It
was between 1 April and 31 March. Special includes all the information you need to
rules apply to cover the time between 1 know about being a NEST member and
April 2015 to 6 April 2016. is current at the time you joined NEST. If
this guide changes and this affects you,
For more information see we’ll let you know.
hmrc.gov.uk/pensionschemes/
understanding-aa.htm

Statement on establishing statute

NEST was established by the National
Employment Savings Trust Order 2010,
an order made under Section 67 of the
Pensions Act 2008.
27
 This booklet is for members
who asked their employer to
enrol them and don’t have the
NEST right to opt-out.
Nene Hall
Lynch Wood Business Park
Peterborough
PE2 6FY
Contact us
Member enquiries 0300 020 0090
8am to 8pm seven days a week
nestpensions.org.uk/contactus
Email support@nestpensions.org.uk

Find out more online at

nestpensions.org.uk

© NEST Corporation 2016. All rights reserved. Any form of reproduction of all or any part of this booklet is not allowed.
We do not make any personal recommendation or give advice on how to make decisions concerning investment or taxation. The
information in this booklet does not constitute financial, investment or professional advice or a personal recommendation and
should not be relied on.
The information contained in this document is intended to be correct at the time of its publication. We do not give any undertaking
or make any representation or warranty that this booklet is complete or error free. We do not accept responsibility for any loss
caused as a result of any error, inaccuracy or incompleteness.
The NEST trade marks and trade names used above are owned by NEST Corporation and should not be used in any way without
our permission.
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