New brand for personal accounts scheme

PADA has announced that National Employment Savings Trust (NEST) will be the permanent name of the new national workplace pension scheme formerly known as the personal accounts scheme.

NEST will be a national workplace pension scheme designed specifically for low-to-moderate earners. It is being set up as part of the Government's workplace pension reforms. It will be one of the schemes available for employers to use to fulfil their new duties under the workplace pension reforms, due to come into effect from 2012. NEST will be run by the NEST Corporation, a not-for-profit trustee corporation, and will have its own website. NEST will launch in low volumes in 2011.

Jeannie Drake, PADA Acting Chair, said: "The reforms to UK workplace pensions, including NEST, represent a consensus settlement reached across industry, political parties and interest groups. We all have one goal in mind - to make saving for retirement become the norm and to put an end to poverty in old age. The release of the new brand today is another milestone along the way to achieving one of the biggest social reforms of our generation."

Tim Jones, PADA Chief Executive, said: "We need a brand which will resonate with the scheme's potential members; with NEST we believe we will achieve that. We have followed a detailed, research-based process to ensure this will be a brand designed ‘by members, for members'. NEST is clearly favoured by both potential members and employers."

Minister of State for Pension Reform, Angela Eagle, said: "This Government's radical reforms to the pensions system will ensure millions of workers on low and moderate incomes are able to save for their retirement in a workplace pension with a new guaranteed minimum contribution from their employer. NEST will play a key role in this and help transform attitudes to saving."