The Personal Accounts Delivery Authority (Pada) has announced that National Employment Savings Trust (Nest) will be the new permanent name for the personal accounts scheme, due to come into effect from 2012 under workplace pensions reforms.
Nest will be run by a not-for-profit trustee body, the Nest Corporation.
Pada developed the new name and brand identity after carrying out detailed research among more than 3,200 jobholders, employers and advisers, and working with external specialist agencies over an 11-month period.
Jeannie Drake, acting chair of Pada, said: “The reforms to UK workplace pensions, including Nest, represent a consensus settlement reached across industry, political parties and interest groups. We all have one goal in mind – to make saving for retirement become the norm and to put an end to poverty in old age.
“The release of the new brand is another milestone along the way to achieving one of the biggest social reforms of our generation.”
Brendan Barber, general secretary of the Trades Union Congress (TUC), added: “Today is another milestone in building a new pension system with the hatching of Nest. This will give millions the chance to build up their own pension nest eggs with the support of their employer. Nest is a smart identity for the low-cost pensions savings scheme we desperately need.”