Nest has announced the five providers which will form the scheme’s retirement panel as it looks to build a shopping around process for members.
The panellists are Canada Life, Just Retirement, L&G, Partnership and Reliance Mutual.
Members will be able to choose a retirement income product from the panel or shop around on the open market.
Nest chief executive Tim Jones (pictured) says: “Our panel will enable members to buy a retirement income product if this is appropriate to their needs, even if they have a small pot.
“This demonstrates how we’re designing Nest around our members, enabling many of those new to pension savings to be able to consider buying a retirement income for the first time.”
Money Marketing first revealed Nest’s plan to issue a tender for a retirement panel in January.
The tender, which focussed on offering choice to scheme members with small pension pots, was confirmed on February 11.