The National Employment Savings Trust (Nest) and the Association of British Insurers (ABI) have formed a partnership, strengthening the close working relationship they already have.
The two organisations have already been working together on key issues affecting the long-term savings industry, including the development of auto-enrolment and the pensions dashboard. This arrangement is very similar to the ABI’s partnership with flood reinsurance scheme FloodRe.
Nest was established by the government as part of its auto-enrolment reforms of the Pensions Act 2008. Nest has a public service obligation to ensure employers of any size can meet their workplace pension duties, and was set up to complement the existing long-term savings industry.
It now has more than seven million members across 700,000 employers, and shares the purpose of the ABI’s long-term savings members to deliver good customer outcomes for pension savers.
Commenting on the partnership, the ABI’s director of long-term savings, Dr Yvonne Braun, said: “The ABI and its members are committed to a well-functioning long-term savings market in the UK which is critical given our ageing society. Nest is playing an important part in this market and we share the desire to help millions of people enjoy a better retirement. I very much look forward to strengthening our sector’s ties with Nest.”
Nest director of strategy Zoe Alexander added: “We’ve worked closely with the ABI and their members for a number of years. Now we are formalising our partnership in a way that will open up new opportunities for us. For instance, Nest employees will be able to access personal development opportunities and join the ABI’s talent and diversity network.
"This will support Nest as we continue to grow over the coming years. We’re delighted to form this partnership which we expect to deepen our existing strong relationships with the ABI and with its members.”