Almost 100 employers have so far signed up to use NEST ahead of the introduction of employer duties in 2012, NEST Corporation revealed today.

Of the 25 employers already using NEST, case studies of the early experiences of three firms, F2 Chemicals based in Preston; Metal Assemblies, based in West Bromwich; and Positive Support in Tees CIC, based in Hartlepool, were shown at an event to showcase NEST’s work to date, held in London today.

Some of the larger employers also considering using NEST include Gondola Group (which includes companies such as Pizza Express), Sodexo, Spirit Pub Company and Travelodge.

Tim Jones, Chief Executive of NEST Corporation said:

"The NEST Live event demonstrates how employers of all shapes and sizes are choosing to use NEST because it is meeting their needs, and the needs of their workers.

"Many of these employers are joining NEST and getting ready for automatic enrolment well ahead of their staging dates, which is incredibly encouraging. Others are getting their plans in place ready for automatic enrolment and using NEST as part of their solution alongside other schemes - that's exactly the role NEST is here to play.

"We've been launching NEST progressively over 2011 with volunteer employers to ensure it works well for employers of all sizes. The feedback we've received to date has been very good – employers tell us that they like our fresh approach to important issues such as communication and investment, and they particularly like how easy NEST is to use."

Minister for Pensions Steve Webb said:

"Our plans to get people into workplace pensions will mean that millions will be saving for their retirement for the very first time. NEST is critical to our plans, as a low cost, and easy to use option that is designed for people who are new to pension saving.
"I'm very pleased to see that employers are engaging with the upcoming changes and the strong response that NEST has received so far."

NOTES FOR EDITORS

Video case studies are available on NEST's Youtube channel: 
http://www.youtube.com/user/nestpension?ob=5

Follow #NESTLive news on Twitter: @NESTInsider

Automatic enrolment basics

• Employers will need to automatically enrol workers aged at least 22 but under State Pension age who earn more than £7,475 (see notes below).
• The total minimum contribution to each worker's retirement savings pot will eventually have to equal 8 per cent of their qualifying earnings. Of this 8 per cent the employer will have to contribute a minimum of 3 per cent.
• Contribution levels will be phased in and increase gradually to the minimum level to help employers and workers to adjust.
• The new duties affect the largest to medium-sized employers between October 2012 and July 2014, followed by small and micro employers from August 2014 to February 2016.

NEST basics

NEST has been specifically designed to cater for people who are largely new to pension saving, and the organisations that employ them.

Employers can use NEST in a number of ways. For example, it could be the only pension scheme an employer offers to all its workers. Alternatively, it could be used alongside an existing scheme for a particular category of workers or as an entry-level scheme.

Further information

• For further information about NEST visit www.nestpensions.org.uk
• Find out when the new duties will affect businesses at The Pension Regulator’s website at www.thepensionsregulator.gov.uk/employers
• For more information on the Government's planned changes to pensions, go to http://www.dwp.gov.uk/policy/pensions-reform/workplace-pension-reforms/

Notes - This figure is subject to the approval of a Bill currently passing through Parliament.