Nest to offer bulk transfers solution for UK employerswritten by Bella Palmer
Those joining Nest via a bulk transfer will be enrolled in the same way as other members
Nest will now be able to offer a "robust and efficient" bulk transfers solution for UK employers, following an update to its employer proposition.
As part of the updated offering, the scheme has designed a model project management plan to guide customisation of the bulk transfers process to match each individual employer’s requirements and staffing.
Furthermore, to support employers through the bulk transfer process, it has developed a suite of communication templates and material that employers and ceding schemes can use to support their communication plans with employees or members.
Those joining Nest via a bulk transfer will be enrolled in the same way as other members, with their state pension age used to assign them to an appropriate Nest Retirement Date Fund.
They will also have the power to change their expected retirement age or their investment fund choice in order to better suite their work and retirement plans, as well as their values and level of investment risk tolerance.
The scheme pointed out that nearly one in three people in the working population already have a pension pot with Nest, confirming that the bulk transfers process will identify those with an existing Nest pension and ensure money is transferred to any existing pots.
Commenting on the plans, Nest director of employer and intermediary experience, Helen Dowsey, said: Developing an efficient bulk transfer process for our employers is the right step for a scheme of Nest’s size.
We have a proven track record of delivering IT projects at scale and offering a bulk transfer proposition is no different, she said.
She said: We have taken the time to ensure our process is robust end-to-end and have developed a suite of communication materials and bespoke support which are delivered by dedicated transfer support managers.
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