NEST is a government backed pension scheme which has an obligation to accept all employees into the scheme. NEST is completely government backed, designed specifically to deal with auto enrolment and is free for all employers, no matter how big or small. To date, over 20,000 employers have chosen NEST as an AE pension scheme for their employees.
NEST web services / API tool
NEST are working with a number of key payroll providers to launch a web service or API tool to customers this winter. The tool will take away some of the stress and time consuming steps involved in submitting data to NEST. The web services will mean that customers can send data files through the payroll directly into NEST. With a simple click of a button, customers will find the process a lot faster. A similar concept would be the RTI function where a user can submit their data directly to HMRC within the payroll.
Currently, employers or bureaus have to export data from their payroll, log into the NEST web portal service and submit the data. Under auto enrolment, this needs to be completed every pay period as part of the mandatory employer duties. The benefit of the new NEST web services will be to speed up the data flow between payroll software and the pension provider, saving employers and payroll bureaus time.
BrightPay is delighted to announce that we are working directly with the NEST development team to offer this web services tool to our customers. The direct integration between BrightPay and NEST will be important for the thousands of employers that have and will have chosen NEST as their workplace pension scheme.
According to NEST:
“The ability to submit key data in one click will also result in faster processing times. This innovation will simplify the exchange of information between employers and NEST by enabling payroll software to ‘talk’ to NEST.”
It will undoubtedly make automatic enrolment data submissions to NEST much easier and faster. The news of the NEST web services will be greatly received across the payroll industry. It has been further speculated that other pension providers may follow suit and develop their own API tool.
Related articles – The Benefits of NEST’s API / Integration Tool for Accountants & Bureaus.