1. Welcome to Nest 11 April 2019 Good morning/afternoon. My name is [x].
I’m here today to tell you about what’s changing in workplace pensions and how Nest can help you to save for the future.
The presentation should take about [X] mins and we’ll be looking at your new pension rights, how Nest can help and how you can become a member.
We’ll also look at what happens to your money and what you need to do as a member.
The presentation will give you general information, and we’ll answer some of the main questions that people ask about Nest. There’ll also be time for questions at the end if you’d like more detail on anything.

2. 11 April 2019
Legal information
© Nest Corporation All rights reserved. This information does not constitute financial, investment or professional advice and should not be relied on. We do not give any undertaking or make any representation or warranty that this document is complete or error free. We do not accept responsibility for any loss caused as a result of any error, inaccuracy or incompleteness. Any form of reproduction of all or any part of these slides is not allowed. The Nest trademarks and trade names used above are owned by Nest Corporation and should not be used in any way without our permission.
NOTE TO PRESENTER – PLEASE ENSURE THIS SLIDE IS INCLUDED IN ALL PRESENTATIONS.

3. Your new workplace pension rights
11 April 2019
Your new workplace pension rights
Your employer may have to automatically enrol you into a pension scheme if you’re not already in one
Your employer and the government may have to put money into the scheme on your behalf if you’re eligible
If you don’t want to become a member you can opt out
A change in the law means it’s now easier to save for your retirement.
In the last few years most workers in the UK will get new workplace pension rights. This gives millions of workers the opportunity to save into a workplace pension scheme helping them to build a retirement income.
Depending on your age and income, we may have to enrol you into a workplace pension scheme.
We may also have to make a contribution to your retirement pot.
If it’s not the right time for you to start saving for your pension right now you can opt out within the first month of enrolment.
You’ll be automatically enrolled again in about three years if you’re still eligible and you’ll have another chance to start saving then.
We will be letting you know how you’ll be affected shortly.

4. Who’ll be automatically enrolled?
11 April 2019
Who’ll be automatically enrolled?
If you’re at least 22 but under State Pension age and earn more than £10,000 each year, you’ll:
be automatically enrolled
get contributions from your employer
receive a letter giving you more information.
You can opt out within one month of enrolment
What you’re entitled to depends on how old you are and how much you earn.
If you’re over 22 and below State Pension age and earn more than £10,000 each year you’ll be automatically enrolled into our workplace pension scheme.
Other workers can ask to be enrolled, but anyone that earns less than £6,136 isn’t entitled to contributions from us. They also don’t have the same opt out rights, because they’ve asked to join. They can stop contributing whenever they like.
Your employer will be able to give you more information about how the workplace pension reforms affect you.
These pay levels apply to the 2019/20 tax year. They’ll be reviewed by the government and will probably change each year.
State Pension age
State Pension age is 65 for men born before 6 December 1953.
For women born after 5 April 1950 but before 6 December 1953, their State Pension age is between 60 and 65.
Under the Pensions Act 2011 women’s State Pension age will increase more quickly to 65 between April 2016 and November 2018.
From December 2018 the State Pension age for both men and women will start to increase to reach 66 in October 2020.
State Pension age will now increase to 67 between 2026 and 2028 and then to 68 between 2044 and 2046.
The Pensions Act 2014 provides for a regular review of the State Pension age, at least once every five years. So these dates could change.

5. What if I’m not automatically enrolled?
11 April 2019
What if I’m not automatically enrolled?
Asking your employer to enrol you
You can ask to join if you’re aged over 16 and below 75
You’ll qualify for employer contributions if you earn over £6,136
If you’re not automatically enrolled you could ask your employer to enrol you.
If you’re at least 16 and under 75 and earn over £6,136 and up to £10,000 each year
you can ask to be enrolled
you’ll get contributions from your employer
you can opt out within one month of enrolment
If you’re at least 16 and under 22 years old, or over State Pension age but under 75 and earn more than £10,000 each year
If you’re at least 16 but under State Pension age and earn £6,136 or less each year
you may not get contributions from your employer
you can’t opt out

6. Your new workplace pension scheme
11 April 2019
Your new workplace pension scheme
Easy to understand
Low charges
You can look after your account online
Manages your money carefully according to your age
One retirement pot for life which you can pay into if you change jobs
Nest is for the millions of people who want a good value workplace pension scheme that does the hard work for them. We’re all about making it easy for you to save.
Nest understands that pensions can seem complicated and reading about them can be a bit boring. That’s why they make an effort to explain things clearly. They don’t like jargon and use plain language so you can quickly understand what’s happening to your money.
Nest’s online accounts make it easier for you to keep an eye on your pension. You can find out how much money is in your retirement pot, make extra contributions or change the date you want to take your money out by logging in whenever it’s convenient for you. There’s also a UK-based contact centre that can help you over the phone.
Nest has low charges but offers all the services and protection you’d expect from a high-quality pension scheme.
You have one retirement pot for life which you can pay into if you change jobs.
Nest is an occupational pension scheme run on a not for profit basis. Nest is run for its members, and has been set up to look after your money.

7. Who pays into your retirement pot?
11 April 2019
Who pays into your retirement pot?
Worker
Government
Employer
In most cases your retirement pot is made up of contributions from you, us and the government.
We’ll let you know in writing how much we’ll be contributing to your retirement pot.
Once the money is in your retirement pot Nest aims to make your money grow.
If Employer is using qualifying earnings:
The legal minimum level of contributions is based on what is known as qualifying earnings. This is a band of your gross total earnings including bonuses, commission, holiday pay, maternity and paternity leave and anything else you’re paid in relation to your work.
For the 2019/20 tax year the qualifying earnings band has been set at anything over £6,136 and less than £50,000. It’s reviewed every year by the government.
So if you earned £16,136 a year your qualifying earnings would be £10,000. You and your employer would need to pay a minimum percentage of this amount into your retirement pot.
Minimum contributions start at 8 per cent of your qualifying earnings. Of this, we need to pay at least 3 per cent, although we can pay more if we want to.
3 per cent of £10,000 is £300, so we would effectively be giving you £300 a year to put towards your retirement pot. You’d put in £400 and you’d get £100 in tax relief if you’re eligible, meaning £800 would go towards your pot each year before charges.
There are other ways of calculating your contributions other than qualifying earnings. Speak to us for more information.

8. Retirement funds designed around your plans
11 April 2019
Retirement funds designed around your plans
Nest Retirement Fund
Nest Retirement Fund
Nest Retirement Fund
Lots of people struggle to understand what happens to their money in a pension scheme, especially if they’ve not saved into one before. Nest tries to keep things simple and help its members to understand what happens to their money.
When Nest receives money from you or us it’s put into a fund. Nest uses the money in the fund to buy shares in things its research suggests will increase in value. This could be shares in companies or property, for example. When companies Nest has invested in do well or the value of the property Nest has bought goes up, you get a share of the profits and the size of your retirement pot increases.
Nest also lends some of the money to carefully chosen governments. The governments repay the loan with interest, which is added to the fund. Nest doesn’t put all your eggs in one basket. Their experts look for a range of opportunities in lots of different areas to make sure your money has the best chance of growing.
Nest Retirement Date Funds
Unless you tell Nest otherwise they’ll put your money into one of their Nest Retirement Date Funds. There’s one for every year a member could take their money out of Nest.
For example, if you expect to take your money out in 2024 your retirement pot will be invested in the Nest 2024 Retirement Fund. If you don’t tell Nest the year you want to take your money out they’ll assume that it’s the same as the year you’ll take your State Pension.
You don’t need to make any decisions yourself if you don’t want to. Nest’s investment experts will carefully manage the fund that your retirement pot is invested in.
Protecting your money
Nest takes a different approach to protecting and growing your money depending on your age and how long you have until retirement.
If you’re in your 20s you’re probably new to being in a pension scheme. Nest concentrates on helping you establish your retirement pot in these years.
When you’re in your 30s, 40s and 50s Nest concentrates on growing your retirement pot. It’s possible that you’ll see some ups and downs in the total value of your retirement pot in these years. For the most part, though, your retirement pot will grow steadily.
When you’re about 10 years away from when you want to take your money out of Nest the focus shifts to protecting the value of your retirement pot so you don’t lose out to unexpected events.

9. Nest’s other fund choices
11 April 2019
Nest’s other fund choices
Nest offers choice for those who want it
Nest Sharia
Fund
Nest Higher
Risk Fund
Nest Ethical
Fund
Nest Lower
Growth Fund
Nest Pre-retirement
Fund
Nest believes that their Retirement Date Funds are the best option for most of their members.
However, Nest understands that some people have preferences about what happens to their money. For these people, Nest has a range of fund choices that let you decide how your money is invested.
These have been set up for people who want a different approach to risk than the Nest Retirement Date Funds or those who have strong feelings about how their money should be invested. It’s quick and easy to choose a different fund using your online account.
You can find out more about Nest’s other funds on their website.

10. Taking your money out of Nest
11 April 2019
Taking your money out of Nest
You can take your money out at any time after age 55
In some cases, if you suffer from ill-health, you may be able to take your money out early
If you tell us when you plan to take your money out we’ll try to make sure it’s ready for you
You can take your money out at any time after reaching age 55. You can change the year you plan to take your money out if you want, you just need to let Nest know through your online account.
If you suffer from ill-health you may be able to take your money out early.

11. Consolidating your pension pots
11 April 2019
Consolidating your pension pots
From UK registered pension schemes, we accept:
transfers of DC benefits
transfers of pension credits following a divorce
early leaver cash transfers sums.
The minimum amount we accept for transfers in is £50, except for pension credit transfers.
Bringing existing pots you may have together into Nest can make it more straightforward to manage your pension savings
Transferring money in and out of Nest is a simple online process. Bringing existing pots you may have together into Nest can make it more straightforward to manage your pension savings.
From UK registered pension schemes, we accept:
transfers of DC benefits
transfers of pension credits awarded a result of a pension sharing order granted on divorce or at the end of a civil partnership.
early leaver cash transfers sums
The minimum amount we accept for transfers in is £50, except for transfers of pension credits awarded a result of a pension sharing order granted on divorce or at the end of a civil partnership.

12. Transferring money in and out of Nest
11 April 2019
Transferring money in and out of Nest
Transfers in
Transfers out
No charge for transfers into Nest
We only charge standard 0.3% AMC
Check fees or charges with your other provider
No charge for transfers out of Nest
Check fees or charges with your other provider
We don’t charge for transfers into or out of Nest, but it’s important to check on any charges that may be applied by your other provider. We’ll only charge our standard 0.3% annual management charge to the value of your transfer.

13. What’s going to happen? Log in
11 April 2019
What’s going to happen?
Log in
We’ll send you a letter, letting you know your options
When you’re enrolled, Nest will send you a welcome pack with your Nest ID
Once you’ve got your Nest ID, you can switch on your online account
You don’t have to do anything right now. We’ll be in touch with you soon telling you more about your new workplace pension scheme and the different options available to you.
You may then be automatically enrolled depending on your age and salary.
When you’re enrolled Nest will send you a welcome pack. Your welcome pack will contain a personalised letter, brochure and forms giving you the information you need to understand Nest. It will include your Nest ID so you can start using Nest online.
You’ll be able to switch on your online account, find out the value of your Nest retirement pot, change your details and access a range of information and online tools.

14. What if you’re automatically enrolled and want to opt out?
11 April 2019
What if you’re automatically enrolled and want to opt out?
You can opt out within a month once you’ve got your Nest ID:
Online
By phone
By post
We understand that it might not be the right time to start saving for your retirement. If you’ve been automatically enrolled and don’t want to become a member of Nest just now you can opt out within the opt-out period. You can also stop contributing whenever you want.
The opt-out period is normally one month after you’ve been enrolled by your employer. For Nest, it begins when you receive your Member welcome pack, around four days after your employer enrols you. At this point you’ll receive your Nest ID.
There are three ways you can opt out.
By going online, entering the unique ID from your welcome pack and opting out using a simple online process.
By using Nest’s automated telephone system.
By calling Nest’s contact centre to ask for a paper opt-out form. You’ll need to sign the form and give it to [person in employer’s workplace].
Remember that if you decide to opt out you’ll miss out on our contribution and tax relief from the government.

15. Want to know more? Visit nestpensions.org.uk
11 April 2019
Want to know more?
Visit nestpensions.org.uk
Contact nestpensions.org.uk/contact us
To find out more about how the workplace pension changes and Nest affect your workforce, speak to us.
You can also find out more information at:
nestpensions.org.uk
thepensionsregulator.gov.uk
Any questions?
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