Personal accounts renamed National Employment Savings Trust
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The Personal Accounts Delivery Authority has revealed the pension saving scheme is to be rebranded the National Employment Savings Trust.
The working title “personal accounts” will be replaced by Nest as the consumer-facing brand for the pension saving scheme targeting low to moderate earners.
Pada says the cost of the rebranding excercise, including the research undertaken to come up with the name is £363,000.
Nest will be run by the Nest Corporation, a not-for-profit trustee corporation, and will have its own website.
The scheme will launch in low volumes in 2011.
Acting Pada chair Jeannie Drake says: “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.”
Minister of state for pension reform Angela Eagle 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.”
Hargreaves Lansdown is supportive of the rebrand and head of pensions research Tom McPhail 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.”
“The key message is don’t delay. Enrolment into Nest won’t be fully up and running until 2017 and every year of delay means a lower eventual pension. Don’t wait for your employer or the Government to take the initiative, start saving for retirement today.”
Which? is also positive about the name change.
Head of economic advocacy Doug Taylor 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.”
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Readers' comments (22)
Anonymous | 7 Jan 2010 5:16 pm
Which planet are these people on? A change of name will suddenly get "a more comfortable retirement"?
It was a shambles to launch, it will still be a shambles to run
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Anonymous | 7 Jan 2010 5:16 pm
I reckon this should make all the difference.
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Steve Laird | 7 Jan 2010 5:24 pm
'It will have it's own website'. Wow - that'll make a big difference then!
Be still my beating (just) heart. Can't wait to see all those empty nests!
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Evan Owen | 7 Jan 2010 5:26 pm
Egg on face.
Cuckoo in the...
A sad end to UK private pension provision?
A new dawn in saving for retirement?
Has it worked elsewhere in the world that the bureaucrats visited before coming up with Stakeholder MKII
Sorry folks, I am a cynic when it comes to government initiatves, will all public sector schemes be tranferred from the 'club' to the 'nest'? Don't think so, the end result may be that the rest of us could be bankrupted keeping up with unfunded, and under funded, public OPS.
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Peter Duffy | 7 Jan 2010 5:32 pm
When are these half-wits going to get to the crux of the matter ? Poor people can't afford to save meaningfully for a pension, that's what the state pension is for.
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Alan Hitchcock | 7 Jan 2010 5:58 pm
As most will opt out, how will this lead to a more comfortable retirement. They will still only have the state pension to live on, and if they do join all they will be doing is saving the state a bit of money as it will be means tested.
Another fine mess!
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Blair Cann | 7 Jan 2010 6:02 pm
Wow, a "consumer facing brand". Just what we need..er... going forward...er... is the "consensus settlement" "robust"?
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Anonymous | 7 Jan 2010 6:26 pm
I wonder which branding company has charged joe public to rename this, and how much they charge us mad, mad, mad!
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Ian Hamilton | 7 Jan 2010 7:18 pm
Perhaps we wouldn't need to keep finding new ways of making saving for retirement attractive if advisers had done a better job of selling personal pensions, as opposed to just constantly going around making initial commissions on needless pension transfers.
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Richard Smith | 7 Jan 2010 8:03 pm
At last we understand where these people are. It is at last finally clear that they understand nothing about the issue.
A change of name will not make this any more palatable or managable.
Lets wait and see what rebranding or hairbrained scheme they come up with next.
Fingers crossed with an election coming someone will see sense and scrap the whole thing. We have seen years of failed strategy in the area of Pensions and the consumer is right to be confused and of course worried about their overall Pension provision.
Happy Days eh!
Richard Smith
http://www.thefinancezone.co.uk
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