The national employment savings trust is in talks with platform providers about the possibility of integrating Nest into their pension propositions.
In an interview with Money Marketing, Nest director of market and member engagement Paul Gilbody says the DWPbacked pension scheme is in discussions with up to six platforms over the possibility of offering Nest as an option to their customers. He says: “We are having discussions but Nest is just an option, people will not have to use it if they choose not to.”
Gilbody says the scheme will establish panels representing both members and employers before it launches this year. The panels, whose membership has yet to be confirmed, will hold the scheme trustees to account.
Nest will shortly issue a tender for providers to join an annuity panel as it looks to build the shopping-around process for its members. The panel’s annuities will be offered alongside the open market option.
Gilbody says: “It is important to cement the point that we are not competing with Sipps and we are not competing with GPPs. This is a new product.”