Option 1: The Nest Pension Scheme (default option)
Here at Clarity, all of our employees will be auto-enrolled into the pension scheme operated by NEST.
NEST was set up by the government for auto enrolment but is run as a trust. NEST is run by its Trustee, NEST Corporation. This means that a trustee board oversees NEST and makes sure that it’s doing its job.
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. Being a public body means that they have no owners or shareholders. As a Trustee, they run the scheme in the interests of our members.
Your money in Nest
Nest will automatically put your money into a Nest Retirement Date Fund designed to have your money ready for you when you’re due to take it out. They assume you’ll take your pot when you reach 65 or your State Pension age, depending on when you were born. If you prefer, you can change the year you want to take your money out to an earlier or later date. This could be any time after the age of 55. You can also choose one of our other funds. They also have options to suit some personal beliefs or preferences about how we manage your money. Find out more at nestpensions.org.uk/nestretirementdatefunds
Nest keep costs as low as possible. Being an online scheme helps them to do that. To cover the costs of managing your money they take a small percentage of the money going into your pot. They also take a very small percentage off the value of your retirement pot over the year. See more about our charges at nestpensions.org.uk/nestcharges.
Contributing to your NEST retirement pot
We’ll take the contributions for your retirement pot every time we process a payment to you. All of our pension payments are taken via salary sacrifice, and as such all tax relief is applied at source rather than by Nest.
If you would like to know more about the Pension Scheme, please click here to download the Nest Guide to Pensions.
*Please note, the Nest documentation may refer to the government contributing, however as all of our pension payments are taken via salary sacrifice, any tax relief is applied during our payroll process rather than by Nest.
Option 2: The St. James’s Place Retirement Planning Service
As an alternative, we are also pleased to offer our employees the comprehensive Retirement Planning Service, provided by St. James’s Place. This option will provide you with fully-personalised financial planning and advice, from our St. James’s Place Partner, Paul Mayhew. You will benefit from:
• A no-obligation initial Retirement Planning consultation
• A full retirement forecast and plan, personalised to your own unique objectives and circumstances
• Advice on selecting the most efficient ways of saving for your retirement
• Advice on selecting the right investments for your pension assets
• Access to St. James’s Place’s distinctive ‘Investment Management Approach’
• The convenience of having Paul as your single point of contact, for all of your pension and financial planning needs
• Ongoing financial advice, with regular reviews
Should you wish, Paul will also be pleased to help you with:
• Consolidating all of your historic pensions, into one easily-manageable pot
• A wider, holistic review and planning of your financial circumstances (a ‘financial health check’)
• Any other financial queries you may have – for instance regarding general taxation, estate planning and inheritance tax planning, savings and investments planning, family/income protection and the buy-to-let property market.
For more detailed information on the SJP offering and to request a call back, please complete the form below and Paul Mayhew will be in touch at your alloted time…