What is a payment source?

A payment source holds the details of how you’re going to make contribution payments to NEST.

You can choose to pay by Direct Debit or debit card. The bank or building society details you use to pay contributions will also be used by us to send any refunds to you. However, you can set up a different account for refunds if you want to. For more information on why we might send you refunds please see Why would I need a refund?

When you enrol your workers into NEST you’ll assign each one to a payment source. Workers assigned to a payment source share the same:

• method of payment for contributions
• bank details for sending contribution payments to us
• bank details for receiving any refunds owed to you.

We use your payment sources alongside the groups you’ve created to generate your contribution schedules. Contribution schedules are created depending on the worker group, payment source and frequency you set up. The number of payment sources you have can make a difference to the complexity of managing your NEST scheme in the future. The fewer payment sources you have, the easier NEST could be for you to manage.

Most employers using NEST have just one worker group and one payment source. This is the easiest way to manage your NEST account.

Each payment source will generate its own contribution schedule for you to make payments to NEST. It helps us to identify your payments and assign them to the relevant contribution schedule in order to allocate the correct amounts for each worker you’ve enrolled. You’ll need to complete, submit and pay a contribution schedule each pay period.