Consultation issued on 12 November 2010.
Consultation ended on 24 December 2010
NEST is consulting on two amendments to the NEST scheme rules:
- An amendment providing that employers who formally stop using NEST will cease being participating employers and will be classed as former participating employers. Employers will need to give 28 days' notice for leaving NEST. A former participating employer would have no further legal obligation or liability to the scheme in relation to that period of participation (unless outstanding contributions were payable).
- Amendments to introduce a nominal benefit age that will automatically adjust if members continue saving, or postpone taking their benefits beyond that age. Members may choose their own nominal benefit age but need not do so. The default nominal benefit age will be either state pension age or 65.