NEST intend to add more detail during the summer in the lead up to the changes going live, and the Policy team shall communicate this via News On Line as and when this further material becomes available.
New NEST research on consumer expectations of DC pensions
8 July 2014
New research published by NEST shows that traditional approaches to defined contribution pensions are not meeting consumer expectations.
The NEST research report has some interesting conclusions. One key finding is that consumers are not disinterested in pension savings as is sometimes assumed, but rather are looking for better reassurance and certainty about likely outcomes.
New Chair for National Employment Savings Trust (NEST)
19 November 2014
Otto Thoresen has been named as the next Chair of the National Employment Savings Trust (NEST) Corporation.
Mr Thoresen is currently Director General at the Association of British Insurers (ABI). His NEST appointment will commence on 1 February 2015 and continue for a 5 year term.
Pensions becoming a national priority, says NEST
26 January 2015
Research released by NEST reveals that pension saving is fast becoming established as a national priority.
In a poll of consumers, when asked how they would allocate their money if they had more of it to spend, ‘saving for retirement’ ranked third in importance for the second year running, coming behind only holidays and saving for a rainy day on a list of priorities. The research from NEST insight 2015, suggests auto enrolment, which passed its two year anniversary in October 2014, may be playing its part in driving this new national attitude. Support for the policy continues to grow, with more than three quarters (77 per cent) of consumers agreeing it’s a good thing, up from 68 per cent in 2013 and 63 per cent in 2011. Even people who’ve opted out so far are warming to the idea – they are now twice as likely to say they’ll stay in next time. 41 per cent now say they’d stay in when re-enrolled, compared with just 19 per cent in 2013. The new pension freedoms announced in the 2014 Budget may also be influencing people’s attitudes to retirement saving. Fears of pensioners buying expensive cars and squandering their money appear unfounded after only 7 per cent of people say they plan to take their whole pot out at once and do whatever they like with it. In fact, the new freedoms may be making UK workers even more switched on. More than one in three (34 per cent) people say they’ll think about their retirement plans sooner and 29 per cent say they plan to pay more into their pension as a result of the reforms.
CIPP Policy News Journal
08/04/2015, Page 442 of 521
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