partner feature
Forward- looking businesses plan for
NEST B
usiness people reading this article will fall into one of two categories – those who have a pension
scheme for their employees and those who don’t. Whichever you are, you will be affected by NEST. NEST stands for National
Employment Savings Trust, which is run on behalf of the government by TATA. Although, at a business breakfast which I addressed last month, at the Celtic Manor’s Twenty-Ten golf clubhouse – what a superb venue, by the way – a number of alternatives were offered by those present. Some of the best alternatives
were ‘Nice Earner Serving Tata’ and, my favourite, ‘Now Expect Some Trouble’. NEST is a government
initiative to ensure that the seven million employees not currently in a pension scheme, start to save in one provided by their employer. If you have a scheme already,
you need to check that it complies with the requirements of a ‘Qualifying Work-place Pension Scheme’. Check with us at Kymin
www.kymin.co.uk By Gerald Davies, managing director of The Kymin Group
to see whether your scheme does. If it doesn’t, you will have to change it. For example: if you are matching a three per cent contribution from your employees it does not qualify; if your employees have to work for you for longer than three months before they are eligible to join, your scheme does not qualify. Employers who do not
provide a pension scheme are in a much simpler position – you will have to automatically enrol all of your employees once they have completed three months service, and contribute to their pensions. This includes part-time employees earning more than £7,500 per annum. As my title suggests, forward-
looking businesses will plan for this. The fi rst step is to get advice,
which you can do by contacting Kymin and asking for a review of your Employee Pension Situation. This is free. Phone 01633 840000 or
email
info@kymin.co.uk and also ask us to send you a FREE copy of our own booklet on NEST.
THEbusiness QUARTER 13
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