Glossary · UK
What is Nest Pension Scheme?
A government-backed workplace pension scheme set up to support automatic enrolment.
Full Definition
Nest (National Employment Savings Trust) is a defined contribution workplace pension scheme set up by the UK government to help employers meet their automatic enrolment duties. Any UK employer can use Nest regardless of size, which made it especially popular with small businesses when auto-enrolment rolled out from 2012. Contributions follow the same statutory minimums as other qualifying schemes (currently 8% of qualifying earnings split between employer and employee, including tax relief), and members can choose from a range of retirement date and ethical funds.
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Disclaimer: Definitions are for guidance only. For decisions about your tax, savings, property or pension situation, always consult a qualified professional or refer to gov.uk.