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Closing a business
If you’re an Insolvency Practitioner (IP) or Official Receiver (OR) we know you have lots to manage when you take over an insolvent business. To help you with your pension duties, this page directs you to everything you need to know about our process.
Dealing with a business that’s in administration, receivership or subject to a Company Voluntary Arrangement (CVA)? You need to follow a different process.
How we support you
Our six steps guide IPs and ORs through our process and our informative help centre articles are here to support you along the way.
You can always email us for assistance too. To discuss a specific employer account just make sure you have their Nest employer ID, the insolvency date and the supporting evidence outlined in our process.
The six-step process
Raise an insolvency notification
The employer notifies us of insolvency and sends us supporting evidence.
Alternatively, you can raise the notification by sending the evidence yourself - see step 2.
Send supporting evidence for validation
Email us the evidence we require to raise a notification and we’ll complete our validation checks.
Access the employer’s Nest account
Accept the delegate access invite that’s emailed to you, so you can gain access to the employer’s Nest account. You can then add other individuals to the account, like third party administrators for example, so they can access it too
Tell us how much will be paid
Once you calculate the contributions due for each worker, tell us how much will be paid and how to allocate funds using one or more exception schedule.
Arranging payment
We can process exception schedules that relate to payments from the employer’s assets as soon as the funds are available.
If the Redundancy Payment Office (RPO) are making a payment, send us an RP15 form and we complete the relevant section and return it to you so you can proceed with the claim. When we receive the RPO’s payment, we then match it to your corresponding exception schedule.
Closing the account
Once we receive and allocate all payments, we close the employer’s Nest account.
Telling us about an insolvency
Whether you’re raising an insolvency notification or assisting an employer to do this, our help centre article is here for you.
Accepting delegate access
Learn how to get delegate access to an employer’s Nest account as an insolvency practitioner.
Calculating contributions after an insolvency
Find out the steps to follow and information to send us if your business becomes insolvent.
Understanding exception schedules
Find out everything you need to know about exception schedules.
Let us know about insolvency
Find out the steps to follow and information to send us if your business becomes insolvent.
Insolvency and your Nest employer account
Understand the steps that take place once you’ve informed us of insolvency.