On the go: Nest will be offering a “robust and efficient” bulk transfers service for UK employers, which will allow members’ abandoned pots to be automatically transferred to new ones.
The master trust has designed a model project management plan to allow the bulk transfer process to be customised according to each individual employer’s requirements and staffing, Nest stated.
To support employers through this process, Nest has also developed a set of communication materials that employers and ceding schemes can use with their employees or members, it added
Considering that almost one in three of the working population already has a pension pot with Nest, the bulk transfers process identifies savers with an existing Nest pension and ensures money is transferred to their existing pot, the scheme said
Savers joining Nest as part of a bulk transfer will be enrolled in the same way as other members, using their state pension age at the time of enrolment to assign them to an appropriate Nest retirement date fund.
As a result, after joining, all members have the ability 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, the master trust explained
Helen Dowsey, Nest’s director of employer and intermediary experience, noted that developing an efficient bulk transfer process for employers “is the right step for a scheme of Nest’s size”.
She said: “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.”
