Workplace Pensions Summary

The laws for workplace pensions are changing and each employer in the UK will be required to comply with new legislation starting 2017.

Every UK company will have to survey their employees and auto-enrol all who are eligible into a qualifying workplace pension scheme.

In 2012, big companies started this and employers who have one of more employees need to have a pension that qualifies by 2017 with precise dates, which are determined by the companies’ size with the employee and the employer required to contribute to the scheme.

NEST is available to all business regardless of size and while creating limitations on fund choice, levels of contribution and transfer restrictions, it does has lower charges.

NEST does guarantee access to schemes but this may not be a suitable option for all companies. You won’t benefit much from NEST if you earn more or want higher investment control.

You will need to enrol every employee who is eligible for NEST if you are not currently using a scheme that meets the criteria.  Formerly known as the personal accounts scheme, NEST is intended to help people who earn less and who may might not have the access to a good scheme or agreement for their pension.  NEST is simple and doesn’t cost too much and is the ideal way of saving for the future.

Some of NEST’s features that ensure that the scheme stays ideal for lower earners.

  • Low cost
  • Limited annual contribution of £3,600
  • Limited investment funds option and a default fund if a choice is not made


The NEST Corporation is completely non-profit and is a trusted name that is regulated by the pensions regulator. But what does this mean for you?

NEST is a simple way of complying with new requirements instead of setting up a new scheme therefore is very appealing to employers. However, NEST can be less beneficial to higher earners and is less beneficial to employees who want more choice and higher contribution levels.  You and your company can benefit in so many ways just by setting up your own qualifying scheme or keeping an existing one. is a registered trading name of TISCO Financial Planning Limited who is authorised and regulated by the Financial Conduct Authority