What are people saying about NEST?
The NEST scheme is designed to help millions of people save for retirement.
Unveiling the NEST name and logo has generated high levels of interest and comments from our stakeholders and the media. A selection of these is provided below.
Yvette Cooper, Secretary of State for Work and Pensions, says:
"NEST is a crucial part of our pension reform which will see up to 9 million people saving for the first time, or saving more, in a workplace pension. Our reforms will make pensions support a right for working people - a major change on the scale of the national minimum wage. NEST is a key part of this, making sure those on moderate to low incomes missed out by the market have a low cost way to save.
These reforms are founded on a hard won consensus of support - I want to thank the many stakeholders, organisations and groups involved in building this consensus and helping to make this happen. The significance of what we are all working hard to achieve with these reforms really cannot be stressed enough."
Read Yvette Cooper’s launch event speech, (PDF 33kb)
Angela Eagle, Minister of State for Pensions and the Ageing Society, says:
"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."
Read Angela Eagle’s launch event speech, (PDF 31kb)
John Lawson, Head of Pensions Policy, Standard Life, says:
"I’d like to offer a warm welcome to NEST – The National Employment Savings Trust to the market place. Standard Life sees NEST as a key plank of the reform package, which brings considerable benefits to the pensions industry as a whole. NEST will cater for a very very specific market. A market which commercial providers like Standard Life have not reached because it’s not viable for us."
"Auto enrolment is great for the pensions saving industry because overall we reckon it will bring in an additional £10bn in pension contributions. And I think I can speak for most of the pensions industry who would have the same attitude."
Read John Lawson’s launch event speech, (PDF 35kb)
Doug Taylor, Head of Economic Advocacy, Which?, says:
"This is another important milestone on the road to 2012. Consumers want a brand they can trust working for them and the best return they can get for their contributions. We believe that NEST will deliver that. Millions of low to middle income consumers will now be able to look forward to a more comfortable retirement."
Read Doug Taylor’s launch event speech, (PDF 33kb)
Tom McPhail, Head of Pensions Research, Hargreaves Lansdown, says:
"I am optimistic that NEST will have a positive impact on the UK's retirement savings and that it will help millions of non-savers to build up a decent retirement pot."
Trevor Matthews, Chief Executive, Friends Provident, writing on twitter says:
"Just attended the launch of NEST the new brand for personal accounts. National Employment Savings Trust. Looks good. I like it. Fresh and simple."
Brendan Barber, General Secretary, TUC, says:
"Today is another milestone in building a new pension system with the hatching of NEST. This will give millions the chance to build up their own pension nest eggs with the support of their employer. NEST is a smart identity for the low cost pensions savings scheme that we desperately need."
Joanne Segars, Chief Executive, National Association of Pensions Funds, says:
"We all need a pensions nest egg to enjoy a comfortable retirement. Already almost 12 million people are saving in a workplace pension with contributions from their employer. This announcement brings us a step closer to the 2012 reforms when nearly all working people, especially those on low and moderate incomes, will be given this opportunity."
Maggie Craig, Acting Director General, ABI, says:
"We are pleased that the new name has been announced and hope it will strike a chord with the low paid employees it is targeted for. This new branding must now be a springboard for action. We have for some time stressed the need for an extensive national communications campaign to increase awareness and understanding of pension saving. This would ensure that many more individuals can be helped to build a real nest egg for their retirement. There is little time to lose before the scheme is due to start in 2012."
Andrew Harrop, Head of Policy, Age Concern and Help the Aged, says:
"We welcome the introduction of NEST. The new scheme is a vital part of pension reform as it will offer a low cost service to lower income employees who the financial services industry finds hard to reach.
"By allowing workers to carry their account with them when moving to a new employer which does not offer its own scheme, NEST will also help solve the issue of workers accumulating small pots from different workplace pensions, which are often difficult to turn into a source of income after retirement."
Angela Mohtashemi, Director of HR and Pensions Communications, PricewaterhouseCoopers LLP, says:
"The obvious option was to simply name the scheme the 'personal accounts pension scheme', which is probably what most of the pensions industry was expecting. Instead, PADA commissioned extensive consumer research, which resulted in this descriptive name that makes a neat acronym.
"Revealing the scheme's name and logo gives the scheme its own identity and reinforces the distinction between it and the auto-enrolment regime – this is important as the previous terms had become largely, and incorrectly, interchangeable."