IMPORTANT REMINDER TO GSS STAFF ABOUT NEST PENSION
All GSS PAYE staff members should have received a NEST (National Employment Savings Trust) Pension Scheme enrolment pack through the mail during the last couple of weeks.
Firstly, for any team members who have not received their enrolment pack, could you contact firstname.lastname@example.org as soon as possible, so they can organise for another pack to be sent to you.
NEST is a low-cost workplace pension scheme that has an obligation to accept all employers that want to use it. NEST was set up by the government to make the process of auto-enrolment easier for employers. Nest allows employees varying levels of control over their pension arrangements. Savers can choose the ‘default’ fund options and allow their pot to be managed by Nest, or they can choose from the six funds and change their contribution levels to suit their circumstances.
Although as your employer we are obliged to enrol all eligible staff into the NEST pension scheme – you are still free to opt within a month if you decide that you do not wish to participate.
However, if opting out will leave you without any provisions for your retirement you will need to think carefully about how you will pay for the lifestyle you want when you stop working.
You were auto-enrolled on the scheme as of Thursday 10th August 2017 and so if you opt out by the Thursday 14th September 2017 at the very latest, you’ll get back any money you’ve already paid in.
If you opt out later than this date, you may not be able to get your payments refunded. These will usually stay in your pension until you retire.