Nest is now offering a new bulk transfer solution for UK employers who are looking to transfer their workplace pension.
Nest has designed a model project management plan to guide customisation of the bulk transfer process, to match individual employer’s requirements and staffing.
To support them through this process it has also developed a suite of communication templates and material which employers and ceding schemes can use to support their communication plans with their employees or members.
People joining Nest as part of a bulk transfer will be enrolled in the same way as other Nest members, using their state pension age at the time of enrolment to assign them to an appropriate Nest Retirement Date Fund.
After joining, all members have the power to change their expected retirement age or their investment fund choice to better fit their work and retirement plans, their beliefs or their level of investment risk tolerance for their Nest pot.
Almost one in three of the working population already has a pension pot with Nest. The bulk transfers process identifies people with an existing Nest pension and ensures money is transferred to their existing pot.
Nest’s director of employer and intermediary experience Helen Dowsey says: “Developing an efficient bulk transfer process for our employers is the right step for a scheme of Nest’s size. We have a proven track record of delivering IT projects at scale and offering a bulk transfer proposition is no different.
“We have taken the time to ensure our process is robust end-to-end and have developed a suite of communication materials and bespoke support which are delivered by dedicated transfer support managers.”