We can arrange for a pension scheme to be established with a provider which will meet the auto enrolment legal requirements.
We will, as long as the required information is provided to us by the employer, arrange for the pension scheme to be set up in order that the employer can make the necessary contributions under auto enrolment.
No advice will be offered by CRM in relation to the pension provider’s funds or performance, nor the suitability of the provider compared to other options available in the wider market. This is the case at the initial set up and ongoing. Employers should consider whether they require independent financial advice.
Facts on Pension Provider
NEST Corporation, the Trustee that runs the NEST scheme, is a non-departmental public body. It’s accountable to Parliament through the Department for Work and Pensions but is generally independent of government in its day-to-day decisions
NEST Corporation is made up of a Chair and up to 14 Trustee Members. They’re supported by an executive team and specialists in pensions product design, investment, communications and business support.
As a public body, NEST Corporation reports to Parliament through the Secretary of State for Work and Pensions. This includes issuing an annual report setting out what they have been doing over the last year and how they are managing the NEST scheme.
The default fund for the scheme is the NEST Retirement Date Fund. For more information on this default fund please visit https://www.nestpensions.org.uk/schemeweb/NestWeb/public/whatisnest/contents/nest-retirement-date-funds.html. This webpage also provides a link to the other fund choices that are available to members through NEST.
The management charge on the fund is a contribution charge of 1.8% which is taken from each contribution and then an annual management charge of 0.3% is applied to the accrued fund.
Contribution cap of £4,700 pa.
5 investment choices which include 1 risk based managed fund.
Transfers are not allowed in or out.
Please contact us for more details and a quote
What is Not Included in Our Services
This service does not include the following, which are ongoing responsibilities of an employer under auto enrolment:
- Assessing workers
- Enrolling workers
- Calculations of contributions
- Calculate what contribution method is best for employer
- Issue necessary communications to workers either upfront or ongoing
- Provide reports that will need to be sent to pension provider of contributions for each pay date
- Make payments to pension provider
If you would like advice on choosing a pension scheme or reviewing alternative options to NEST, then we are happy to introduce you to a local financial adviser.