National Employment Savings Trust (NEST) is a defined contribution occupational pension scheme backed by the government and set up to enable employers to meet their legislative obligations for automatic enrolment under the workplace pensions reforms.
Both you and the University will contribute to your pension whilst you are working. Then when you come to retire, you will be able to use your NEST pension savings to take a cash lump sum and buy a retirement income.
Information on the pension benefits provided by NEST can be found at www.nestpensions.org.uk.
Can I opt in to NEST?
Yes, if NEST is the University’s appropriate qualifying pension scheme for you. You can opt in to NEST by completing the NEST Notice to Opt In form.
How much will I pay into NEST?
You will pay a percentage of your qualifying earnings into NEST and the University will also pay a percentage of your qualifying earnings to NEST in accordance with the table detailed below.
|University Contribution||Your Contribution||Current Tax Relief|
|From October 2017||2%||2.4%||0.6%|
|From October 2018||3%||4%||1%|
What are your qualifying earnings?
Qualifying earnings include salary, wages, overtime, bonuses and commission as well as statutory sick, maternity, paternity or adoption pay.
Minimum contributions must be paid on all qualifying earnings between £5,824 and £43,000 a year (2016/2017 tax year). These figures will be reviewed annually by the Secretary of State for Work and Pensions.