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Occupational pension schemes also flourished after the Second World War, with pensions becoming a key tool to attract and retain staff. [6] In the second half of the 20th century, there was a succession of legislative changes to protect pension scheme members, prevent abuse of the generous tax-reliefs available and prevent fraudulent activity.
National Employment Savings Trust (NEST) is one of the qualifying pension schemes that employers can use to meet their new duties. It was set up as part of the government's workplace pension reforms. Nest is a trust-based defined contribution pension scheme, run by a trustee (Nest Corporation) on a not-for-profit basis.
The pension scheme involves a portion of one's earnings being put into a fund by both the employer and the employee, in order to save money for their retirement. [3] Employers are initially only required to contribute 1% towards the employee's pension fund; this will increase to 2% on April 6, 2018, and then to 3% on April 6, 2019. [4]
Over 400,000 employees are actively saving in these arrangements. The Pensions Infrastructure Platform (PiP) is an infrastructure investment vehicle established by the NAPF, the Pension Protection Fund and a group of large UK pension funds investment to encourage and facilitate UK pension scheme investment into UK infrastructure.
The benefits paid under basic State Pension are increased in April each year to pensioners living in the UK and in certain overseas countries which have a social security agreement with the UK that includes British pension uprating, [8] in line with the CPI. All state pensions for these pensions are protected by the "triple lock" guarantee.
Pension Law Reform; Pension liberation; Pension Protection Fund; Pension release; Pension Schemes Act 1993; Pension tax simplification; Pension term assurance; Pension Wise; Pension, Disability and Carers Service; PensionBee; Pensions Act 1995; Pensions Act 2004; Pensions Act 2007; Pensions Act 2008; Pensions Act 2014; The Pensions Advisory Service
The UK government announced in May 2006 that it proposed to introduce a new type of low-fee pension scheme called a Personal Account, which was renamed National Employment Savings Trust (NEST) prior to its introduction under the Pensions Act 2008.
The Local Government Pension Scheme (LGPS) is one of the largest public sector pension schemes in the United Kingdom, with 6.4 million members from 15,000 employers. [1] It is a defined benefit pension plan. Administration is carried out through 89 [2] regional pension funds such as Greater Manchester Pension Fund and London Pensions Fund ...
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