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Pensions: NEST Corporation

Volume 716: debated on Tuesday 26 January 2010

Statement

My honourable friend the Minister of State for Pensions and the Ageing Society (Angela Eagle) has made the following Written Ministerial Statement.

Today is another important milestone for the delivery of workplace pension reform. Mr Lawrence Churchill has been appointed as chair of the NEST Corporation, the body that will launch and run the National Employment Savings Trust (NEST), previously known as personal accounts.

Mr Lawrence Churchill brings with him a wealth of knowledge and experience of pensions to this challenging role and has a long career of operating at the highest level in large and complex organisations, frequently from start-up. His appointment as chair demonstrates our commitment to recruiting people with a proven track record and the expertise to get the job done.

NEST will ensure all employers have access to a suitable pension arrangement through which to fulfil forthcoming new duties under the Pensions Act 2008. As part of the new pensions landscape, NEST will help extend the benefits of occupational pension saving with a guaranteed employer contribution to millions of workers, many for the first time. NEST will have low charges to ensure more of workers’ savings go towards building their pension pot.

Mr Lawrence Churchill will take up his appointment as chair designate from 1 February, and will be preparing for his new role and participating in the recruitment of the other trustee members of the NEST Corporation. He will take on full duties as chair when the NEST Corporation is established on 5 July 2010. Mr Lawrence Churchill is currently chair of the Pension Protection Fund, and will retain this role until that appointment ends on 30 June this year.

Press notice published today:

available at http://dwp.gov.uk/newsroom/press%2D releases/.