Blueprint for Better Business non-executive director and trustee, Brendan McCafferty, has been appointed as the new chair of Nest.

The former Brightside Group and Axa chief executive officer will take over from Otto Thorensen, who is stepping down.

Pensions Minister, Guy Opperman, announced the appointment, with McCafferty’s five-year term set to begin on 1 February 2022.

Opperman said that he was “delighted” to confirm McCafferty’s appointment as chair, stating that he will bring “a wealth of financial services knowledge to the role and will be a great fit”.

“Brendan will oversee an important five years as Nest transitions to a new service administrator,” Opperman continued.

“I am confident he will continue to develop its service and help millions of workers enjoy a more comfortable retirement.

"I would also like to thank Otto Thoresen for his service as chair. He successfully steered Nest through the ramp up of automatic enrolment and the establishment of its industry-leading responsible investment approach. He leaves behind a lasting legacy.”

Commenting on his appointment, McCafferty said: “Nest is now well established and has shown itself to be an organisation with the interests of its over ten million members at its heart.

"As Nest sets about the next phase of its development, I am delighted to have been given the opportunity to work with the trustee board and wider stakeholders to help ensure we deliver the Nest purpose of helping millions of people enjoy a better retirement.”

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