Consultations launched on changes to Nest

The Department for Work and Pensions (DWP) and National employment savings trust (Nest) Corporation have launched consultations on amendments to the Nest pension scheme.

The DWP consultation seeks views from employers, employees and pension industry professionals on proposed amendments to Nest, including clarifying that employers can voluntarily cease to participate in the scheme, an extension of Nest’s discretionary powers to admit self-enrolling members into the scheme until 1 March 2018 to take into account the revised staging profile, and clarification on third-party contributions.

DWP stated in its consultation document: “We want to ensure that Nest is able to operate effectively as automatic-enrolment rolls out, providing clarity and certainty to Nest, and the employers and members who will use it.”

Alongside the DWP consultation, Nest has launched its own consultation on changes to scheme rules, which will be required if the DWP proposals are put into place.

Both consultations close on 26 November 2012.