Workplace Pensions

[upnortheast]

Someone already using NEST and getting on Ok gives some reassurrance! It strikes me that a lot of "small" employers are probably using the HMRC paye tools programme for tax and NI, and all the info for amount of wage, NI no., addresses and a setup DD is already there. Why couldn't it be bolted on to that?

You expect a gov UK operated system to do something sensible like that.?

 

[Pan mixer]

Someone already using NEST and getting on Ok gives some reassurrance! It strikes me that a lot of "small" employers are probably using the HMRC paye tools programme for tax and NI, and all the info for amount of wage, NI no., addresses and a setup DD is already there. Why couldn't it be bolted on to that?

I completely agree, maybe the April update will include something to help?

NEST seems unnecessarily complex, after all this is what National Insurance was invented for in the first place.

I suppose that they couldn't just put that up a bit as it would be electoral suicide?

 

[Poncherello1976]

We have gone with NEST, and while it seemed a bit of a faff to set up, it seems to be working ok for now. Trouble is our employees are getting close to retirement age anyway, 1 is 63, and so they will not have much of a pot to draw out of when they retire, if they do! I know they can opt out, but that is up to them and we can not pressurise them to opt out!

 

[MV2]

An employee can opt-out if they want to, but you have to be enroled first then ask for a otp-out form, send back by recorded mail

 

[Nearly]

So to get 150k in the pot would be like paying 500 a month for 25 years for a mortgage

might as well get the mortgage?

 

[How much]

Directors of a business can opt out of it apparently .

The nest scheme should have the lowest management fees , you would assume ?

My experience of it was simple enough other than trying work out which of the letters to send to the employees but that was simpler than it first looked once you got your head around it .

How simple its going to be to make the payment i dont know till it kicks off.

Worst thing about it is its another cost burden the goverment is passsing over to business , and the % employers have to pay in its sheduled already for 3% by 2019 then no doubt the goverment will ratchet if up further , in addition an employees share of the cost is 4% by 2019 and this will all put additional pressure on wages to increase further and you assume the minimum and living wages will rise accordingly to take the lower take home pay of empoyees in to account.

 

[Daddy Pig]

Someone already using NEST and getting on Ok gives some reassurrance! It strikes me that a lot of "small" employers are probably using the HMRC paye tools programme for tax and NI, and all the info for amount of wage, NI no., addresses and a setup DD is already there. Why couldn't it be bolted on to that?

exactly, it could have been so simple and easy had the powers that be wanted it to be.

 

[chaffcutter]

We went with NEST and doing it myself I have found it an absolute pia, you just can't get to speak to anyone, NEST didn't send acceptance letters back to our two qualifying employees who both wanted to opt out as by the third year their deduction from wages rises dramatically from 1% to iirc 8%? That's a hell of a lot off your wages, they couldn't opt out without the letters, it's taken from April to November to finally get it sorted. Typical government run cock up if you ask me.