With a goal to build out the simplest payroll platform on the market we had an important decision to make. What pension provider do we partner with to create a seamless workplace pension offering. Here are some of the key reasons why we chose to integrate with the NEST pension scheme:
1. NEST is government backed
NEST is the only government-backed pension provider so, if you use NEST, you can be 100% sure you’re in compliance with the new workplace pension auto-enrolment rules. Also, being the only government backed provider means NEST are obligated to accept all business, unlike other providers who may turn you down.
2. No experience necessary
In fact, the NEST pension scheme was specifically designed to meet the needs of those who may be completely new to pension saving and, as such, they’ve kept things straightforward and easy to understand. Additionally, members have one NEST pension pot which moves with them so there’s no ongoing administration when somebody leaves and no need to set up a new pot if somebody who already uses NEST joins.
With NEST, you can pay the minimum amount of contributions or more; adjustments are easy. It’s cheap, with no charges for day-to-day services and low member charges and finally, it’s trust based, meaning NEST Corporation (as the trustee of NEST) have certain powers that they can exercise to ensure that the scheme is run in the best interests of its members.
3. Keeping things simple
Basically, we wanted to keep things simple. Using NEST is a safe bet. They offer a decent service for a reasonable price and they have the government’s seal of approval. Paycircle may offer its users a choice of pension providers in the future but, for now, if you want to take full advantage of the software’s automation capabilities, we recommend using NEST as your pension provider.
4. They are tech savvy
NEST were the first pension provider to offer the ability to automatically contribute into individuals pensions through 3rd party software. In our mission to automate and simplify the payroll process as much as we can, this was a no-brainer.