Set up a NEST pension scheme
As part of your Automatic Enrolment duties, you must provide a qualifying pension scheme for your employees to pay into.
The National Employment Savings Trust (NEST) is a pension provider set up by Government to assist with automatic enrolment. For more information on NEST, you can visit their website.
If you have a NEST pension scheme, you can set this up in Payroll. You can make online submissions directly to NEST or download CSV files and upload them into the NEST portal.
In order to set up the NEST scheme in Payroll, you need detailed information about your NEST pension scheme. You can find this by logging onto your NEST online account or by checking the letters you will receive.
You must ensure that your NEST group payment frequency is set to Tax periods. For example, Tax monthly instead of monthly. If not, please contact NEST for further assistance.
You can then enter this information into your Payroll service;
- 1. Click on Pensions, then click Add a new pension.
- 2. Click NEST Corporation.
- 3. In the Employer reference box, enter your employer NEST ID.
- 4. Click Add Group,and complete the relevant fields
- 5. To proceed, click Add. Repeat the process to add any additional groups.
- 6. Click Add Payment Source, then enter a name for your payment source. This should match the name of your payment source provided by NEST.
- 7. If this is the default payment source, select the Default check box.
- 8. Click Save and repeat the process to add any additional payment sources,
- 9. Select the Qualifying Scheme check box.
- 10. To read the terms, click the our terms link. Then to accept them, select the Terms check box.
- 11. Click Save.
You’ve now set up the pension scheme in Payroll. When you assess your employees, this scheme is automatically assigned to any eligible jobholders.