ATP has confirmed plans for a multi-employer trust-based pension scheme to rival Nest ahead of automatic enrolment.
In March, Money Marketing revealed the Danish public pension firm was planning a UK scheme targeting low and middle-income earners.
The scheme, called NOW Pensions, will be accepting members from early 2012.
Former Conservative Shadow pensions minister Nigel Waterson is one of five member of the NOW Pensions’ advisory board.
Current ATP head of international operations Morten Nilsson will head the scheme. He says: “Auto-enrolment is a very important development. It is vital for it to be a success and offer both employers and employees a good pension outcome.”
A Nest spokeswoman says: “We welcome any initiative that will improve pension provision and help UK citizens achieve financial security in retirement.”