08 January 2010
The Personal Accounts Delivery Authority (PADA) has announced a
new name for the Personal Accounts system detailed in the Pensions
Act 2008. From 2012 employers will be required to put eligible
workers into a scheme which meets certain criteria and make minimum
contributions to the scheme. National Employment Savings Trust
(NEST) will be the permanent name of the new national workplace
pension scheme. NEST will be run by the NEST Corporation, a
not-for-profit trustee corporation. The NEST name and logo was
developed after a broad research campaign involving over 3,000
employees, employers and occupational pension consultants.
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."
