Retirement Panel

Helping members to choose a retirement income

NEST announced its panel of retirement income providers in June 2011.

NEST's members can choose to buy a retirement income from the panel or shop around on the open market.

NEST's selection criteria require providers to be registered and authorised to provide retirement income products in the UK. They must also commit to meeting NEST’s business requirements:

• providing quotes and retirement income products, for pots of £1,500 and above
• communicating online with the scheme administrator to enable quotes to be provided in real time and applications to be submitted electronically
• transferring data securely
• offering rates at least as good as those available for the same product on the open market.

The panellists are:

• Canada Life, providing both conventional and enhanced retirement income products
• Just Retirement, providing enhanced retirement income products
• Legal & General, providing both conventional and enhanced retirement income products
• Partnership, providing enhanced retirement income products
• Reliance Mutual, providing enhanced retirement income products specifically for those who smoke.

The panel will make it easy for members to access retirement income products suitable for their needs and the size of their retirement pots.

Each provider will be able to provide retirement income products on pots from £1,500 upwards.

Members will be able to request quotations, and explore the income they would get. They can then choose to buy from the panel or shop around more widely if they want to.

NEST will provide information to help members decide what sort of retirement income product might be appropriate for their needs.