Pensions: An update from Nest

Pensions: An update from Nest

Following their attendance at the SPG Forum in November last year, Nest have informed the insolvency profession that they are aware of some of the difficulties with the current way Nest deals with insolvent entities and are in the process of making changes, some of which are detailed below…

1.       Initial contact should be easier moving forward

Nest have advised that they are simplifying security checks for IPs (although have not given full details of what the security checks will now entail). Nest have also said that they will provide IPs with generic information without having to go through security.

The issue that has not been addressed: it will still be the insolvency practitioner who needs to go through security in the first instance, before they receive their “delegate” log in details.

2.       Supporting documents

Nest has clarified to the insolvency profession (and hopefully to their own staff) what documents are acceptable as evidence of an IPs appointment as officeholder

•       Administration: Notice of Appointment endorsed by the Court

•       CVL: Certified certificate of appointment/signed winding up resolutions

•       MVL: as above

•       CWU: as above or a Court Order

•       CVA: Chairpersons report confirming the approval of the proposals

•       IVA: as above

•       Bankruptcy: Court order or certificate of appointment

3.       Simplification of IP access is being reviewed by Nest,

Although it is unlikely there will be any drastic changes any time soon, they are looking at ways to enable IPs to view all their cases that have a Nest pension scheme.

4.       Initial activation emails

The activation email sent to IPs that is currently only useable for 28 days will be extended to 90 days. Whilst this is still only going to be sent directly to the IP, it provides more time for the activation code to reach the case administrators inbox.

5.       Agent access

Nest are also reviewing how they could give access to agents instructed to deal with pensions and ERA claims on the IP’s behalf, although no further comment has been made about what the policy changes may be and how this will be implemented.

Conclusion

All in all, it looks as though Nest are aware of the main issues IPs and case administrators face in dealing with them and they are trying to help.