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National Employment Savings Trust (NEST) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of the government's workplace pension reforms. Nest is a trust-based defined contribution pension scheme, run by a trustee (Nest Corporation) on a not-for-profit basis.
The pension scheme involves a portion of one's earnings being put into a fund by both the employer and the employee, in order to save money for their retirement. [3] Employers are initially only required to contribute 1% towards the employee's pension fund; this will increase to 2% on April 6, 2018, and then to 3% on April 6, 2019. [4]
The UK government announced in May 2006 that it proposed to introduce a new type of low-fee pension scheme called a Personal Account, which was renamed National Employment Savings Trust (NEST) prior to its introduction under the Pensions Act 2008.
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Men who were discharged from the service on account of injuries and wounds or disability attributable to the service were pensioned with sums varying from 6d a day to 2/- a day. Pensions were also given to the widows of officers in certain circumstances and compassionate allowances made to the children of officers.
Contribution limits for these accounts are lower -- just $7,000 for adults under 50 in 2025 and $8,000 for adults 50 and older. But these accounts also give you greater flexibility than 401(k)s.
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Private and occupational pensions, including regulatory powers and the National Employment Savings Trust (NEST) Automatic enrolment into a workplace pension; Oversight of arms-length bodies, including the Pensions Regulator, Pension Protection Fund, Financial Assistance Scheme and Pensions Ombudsman