The National Employment Savings Trust (NEST) and NEST Corporation—the legal basis and structure
Produced in partnership with Nest Corporation

The following Pensions practice note produced in partnership with Nest Corporation provides comprehensive and up to date legal information covering:

  • The National Employment Savings Trust (NEST) and NEST Corporation—the legal basis and structure
  • Why was NEST created?
  • How and when were NEST and NEST corporation created?
  • NEST corporation established
  • NEST established
  • Appointment of trustee to NEST
  • Funding
  • Government set-up funds
  • Contingent liability guarantee
  • Independence of NEST and NEST Corporation
  • More...

The National Employment Savings Trust (NEST) and NEST Corporation—the legal basis and structure

In this Practice Note, references to the National Employment Savings Trust (NEST) Order are to the National Employment Savings Trust Order 2010, SI 2010/917 applicable from 25 May 2018. References to the NEST Rules are to the Rules of the National Employment Savings Trust applicable from 9 September 2019.

The National Employment Savings Trust (NEST) is a low-cost, trust-based occupational pension scheme which was set up as part of the government’s workplace pension reforms for any employer to use to meet their new duties under the auto-enrolment regime. It was designed for a target market of workers in the UK, new to pension saving, who did not previously have access to a high-quality, low-cost pension scheme at work.

NEST falls into the definition of a ‘Master Trust scheme’, as defined by the sections 1–2 of the Pension Schemes Act 2017. As a result, NEST is subject to the authorisation and supervisory regime applicable to Master Trust schemes since 1 October 2018. It was consequently required to apply for master trust authorisation, something which it duly obtained in September 2019. For further information, see Practice Note: How is the National Employment Savings Trust (NEST) different from a typical occupational pension scheme?—Authorised master trust status. This had implications for its funding arrangements—see: Funding, below.

NEST has one

Popular documents