Wednesday 14 December 2011, Committee Room 15, House of Commons
National Employment Savings Trust (NEST)
- Lawrence Churchill CBE, Chair
- Tim Jones, Chief Executive
- Mark Fawcett, Chief Investment Officer
The Pensions Act 2008 introduced reforms to workplace pensions. Beginning in October 2012, a staged process will be introduced which will require all employers to automatically enrol their workers into a qualifying pension scheme if they are not already enrolled in one (“auto-enrolment”). Employers will also be required to contribute towards workers’ pensions.
A new pension scheme called the National Employment Savings Trust (NEST) has been established by the Government to provide a simple, low-cost pension scheme. Employers may choose to enrol employees into a NEST scheme or another existing pension scheme.
This is the fourth oral evidence session for this inquiry. The Committee will question NEST on the operation of the new pension scheme, its investment strategy, the transparency of pension charges and the likely impact of the restrictions that the Government has placed on NEST.
The Committee expects to hold two further evidence sessions:
• 11 January 2012: The Pensions Regulator
• 25 January 2012: Steve Webb MP, Minister for Pensions
Further details about these future sessions will be available in due course.
The Terms of Reference for this inquiry can be found on the Committee’s website: www.parliament.uk/workpencom
Interested organisations and individuals were invited to submit written evidence before 26 August 2011. The evidence received has been published on the Committee’s website.
Dame Anne Begg MP (Chair) (Lab, Aberdeen South), Mrs Debbie Abrahams MP (Oldham East and Saddleworth), Harriett Baldwin MP (Con, West Worcestershire), Andrew Bingham MP (Con, High Peak), Karen Bradley MP (Con, Staffordshire Moorlands), Sheila Gilmore (Lab, Edinburgh East), Mr Oliver Heald MP (Con, North East Hertfordshire), Glenda Jackson MP (Lab, Hampstead and Highgate), Brandon Lewis MP, (Con, Great Yarmouth), Stephen Lloyd MP (Lib Dem, Eastbourne), Teresa Pearce MP (Lab, Erith and Thamesmead)
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