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NEST For Senior Individuals: Take Care

Alistair Cunningham
Alistair Cunningham

With today’s launch of the Fixed Protection form, APSS227, Senior Individuals with benefits at, or close to the Lifetime Allowance should take extreme care with any interference with the new proposed Workplace Pension scheme – the National Employment Savings Trust. Due to the compulsory nature of these schemes, many senior executives could be forced into a pension that causes them to break the new Fixed Protection rules.

The HMRC guidance at the bottom of the APSS227 says:

From 2012 if your employer is subject to the automatic enrolment duty they will have to automatically enrol you into a qualifying workplace pension scheme. This could be an occupational pension scheme, a workplace personal pension scheme or the National Employment Savings Trust (NEST). If you are claiming fixed protection you must opt out of such pension arrangements within one month or you will build up benefits and your fixed protection will be lost

Wingate are able to offer advice and assistance in understanding both Fixed Protection, NEST and the impact on Executive Pension schemes. We can bear the cost of our initial discussion and we aim to give you a fee indication after this first consultation. You can contact us using this form or calling 0844 815 7002.

Alistair Cunningham

Contact the Author

Alistair, a founding director of Wingate Financial Planning, specialises in complex client cases, particularly owner-managed businesses, pensions, and retirement planning. He is a member of the Wingate Investment Committee and a Chartered Financial Planner, Fellow of the Personal Finance Society, and member of STEP and the Chartered Institute of Taxation.

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