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 charges

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.

St. James’s Place Wealth Management

We are also pleased to offer our employees the comprehensive Retirement Planning Service, provided by Paul Mayhew Wealth Management, an Associate Partner Practice of St. James’s Place Wealth Management. This option will provide you with fully-personalised financial planning and advice, from our 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 the distinctive St. James’s Place’s ‘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:

• 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.

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise.  You may get back less than the amount invested.

Salary Sacrifice and Pensions Taxation

Salary Sacrifice is an HMRC-recognised method of arranging pension contributions. Contributions made in this way to a registered pension scheme are not liable to income tax, or National Insurance (both Employers and Employees NI). It is therefore a highly tax-efficient means of structuring your remuneration.

The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.

Interested to find out more?

If you’d like to learn more about saving towards your retirement in a tax-efficient manner – both Nest and Paul Mayhew will be pleased to have a no obligation consultation. You can contact Paul via paul.mayhew@sjpp.co.uk or on 07920 888284.

Paul Mayhew Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website http://www.sjp.co.uk/products. The titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.

Clarity Umbrella Ltd introduces to St. James’s Place Wealth Management plc which is authorised and regulated by the Financial Conduct Authority.