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A competitive pension plan for your UK employees

Preparing for the future is top of mind for most employees, and it’s important for companies to offer compelling benefits in order to be competitive in today’s labour market.

Deel Team
Written by Deel Team
November 3, 2021
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We wanted to remind you that we partnered with Nest Pensions to help you offer the best pension plan for your UK based employees. It’s a legal requirement in the UK to offer a pension plan to employees. With Nest, employees can contribute their pre-tax earnings into a tax-sheltered retirement account, where they’ll be able to select their portfolio and contributions.

Competitive benefits to retain top employees

Offer a compelling tax advantaged pension solution to attract, and retain the top talent on the UK job market.

Employee tax-free retirement contributions

Employees can contribute up to £40,000 per year from their salary tax free. Employer contributions are fixed at 3% of employee salary to comply with local regulations.

Make the transition easy for your employees

All UK employees are already enrolled in Nest, for employees that have an existing pension plan, any existing funds can be transferred into their Nest account.

Enrollment

Employees are automatically enrolled in Nest Pensions when added to payroll. Within 10 working days of their first pay cycle, employees will receive an email with their log-in details. If they wish to opt-out, they can do so through the Nest online portal.‍

How to get started for employees

Head to Nest’s online portal here, and use the credentials sent to you from Nest via email in order to log-in. From there, you’ll be able to manage your monthly contributions, select your portfolio, and adust any of your account settings. If you haven’t received your email, you can contact the Nest team directly from their help centre.

Some things to know

  • Employer contributions are fixed at 3%
  • Maximum contributions is up to £40,000 annually between employer and employee
  • Employees will receive their log-ins to access the Nest platform within 10 working days of their first pay cycle.
  • Monthly contributions, portfolio, and risk tolerance can all be managed from the Nest platform
  • If employees have an existing pension, they can easily transfer their funds into their Nest account
  • Employees can choose to opt-out of the plan entirely, within a month of their enrolment

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