ATP has confirmed plans to launch a multi-employer trust based pension scheme to rival Nest ahead of automatic enrolment.
Earlier this year Money Marketing revealed the Danish public pension provider was planning to launch a UK scheme targeting low and middle income earners.
The scheme, called NOW Pensions, will be accepting members from early 2012.
Former Conservative Shadown pensions minister Nigel Waterson (pictured) is one of five member of the NOW Pensions’ advisory board responsible for safeguarding the interests of members.
Current ATP head of international operations Morten Nilsson will be chief executive of the scheme.
He says: “Auto-enrolment is a very important development in pension provision in the UK.
“It is vital for it to be a success and offer both employers and employees alike a good pension outcome based on cost efficiency, stable long term investment returns and a strong and member centric governance structure.
“We believe that by leveraging ATP’s unique experience in running a similar scheme and its strong investment capabilities, NOW Pensions is well placed to offer a better deal to UK employees.”