The National Employment Savings Trust (Nest) will go ahead.
The Comprehensive Spending Review has confirmed that the Department for Work and Pensions’ (DWP) settlement will fund the introduction of auto-enrolment from 2012 and the establishment of Nest, to help individuals save for their retirement and encourage high quality pension provision by employers.
Tim Jones, chief executive of the Nest Corporation, said: “We are very pleased that Nest will play its part in delivering automatic enrolment and help millions of people save for their retirement.
“The work we have been doing over the summer has ensured that Nest is now really taking shape and will be ready to launch in low volumes in 2011.
“We believe Nest will provide a straightforward solution for many employers and we look forward to demonstrating how Nest can help them in the weeks and months to come.”
More details on the outcome of the ‘Making Automatic Enrolment Work’ review are expected to be announced by the government shortly.
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