If you have a pension or run a pension scheme for your employees, you’ve probably heard of Nest. What you might not have heard is the re-platforming that will be happening later this year, which may sound insignificant, but could impact the security of your pension schemes.
This comes following the news of Nest ending its £1.5bn deal with IT services supplier Atos just two years into an 18-year contract, the ending centred on design changes and deadline extensions.
Although there is no commitment as to when the re-platforming will happen, Nest have confirmed there is likely to be a blackout period. The risk of security has resulted in us deciding not to use Nest until the re-platforming has taken place and bedded in.
It raises the question whether Nest is a questionable proposition for your businesses pension scheme; the blackout period poses a threat to the security of your pension schemes, and the sudden break up of Nest and Atos does not bring much assurance either, certainly in the short term.
Pension regulations are always changing, and remaining compliant can be tricky. If you’re wondering whether your pension package is right for you, with our expert consultants at your side, delivering a quality scheme doesn’t have to be a headache. We’ll support you throughout the entire pension process from sourcing the right scheme to engaging employees in your provision to conducting regular reviews. Contact us today to get started with a free consultation!
Want to learn more? We’ll be discussing the Nest re-platforming in our upcoming webinar: Auto Enrolment Pitfalls for Employers and Employees.