NEST Forum takes the international temperature on saving

In the year that millions will start to be automatically enrolled into workplace pensions, getting people saving and keeping them saving will be critical to achieving good retirement outcomes for a whole new generation of savers.

An international line-up of academics, policymakers, advisers and opinion-formers are gathering today (Wednesday 7 March) at the NEST Forum 2012 in London to debate the issues surrounding saving and the barriers consumers face.

Minister for Pensions Steve Webb said:

'I want the millions of people we shall be enrolling into workplace pensions to take advantage of the employer contributions and go on to save more. The UK has a lot going on in pensions. I look forward to contributing to the debate and hearing about experiences from other countries.'

Tim Jones, Chief Executive, NEST, said:

'The UK is poised on the edge of a savings revolution with some 8 million workers getting into saving for the first time through automatic enrolment. NEST has a key role to play in that. We’re keen to learn from as many people as possible - our peers in the pensions industry, employers and consumers as well as academics both in the UK and beyond so that we can help a new generation to maintain persistency in saving.'

Baroness Jeannie Drake, CBE, said:

'The reforms put the new architecture for saving in place but improving persistency of saving and improving savers outcomes is unfinished business. If we want UK workers to be persistent in building a pensions pot, we have to put them first. They need to be central to the proposition and not subsidiary to it. I believe with automatic enrolment and NEST we have a real opportunity to turn things in the UK around.'

Otto Thoresen, Director General at the Association of British Insurers, said:

'Today we are talking about how to improve understanding among a new generation of savers. Young people are challenged by debt, from student loans, to the costs of setting up a home or getting a job, so we need to put ourselves in their shoes. The industry, NEST and the Government are geared up for the challenge of making it easier for this group to get involved in saving.'

Speakers include:

• Simeon Brown, CEO, HSBC Global Asset Management (UK) Ltd
• Professor William Darity, Duke University
• Baroness Drake of Shene, CBE
• Dr Claire Matthews, Director, Financial Planning at Massey University, New Zealand
• Tom McPhail, Head of Pensions Research, Hargreaves Lansdown
• Professor Thomas Shapiro, Brandeis University
• Professor Michael Sherraden, Professor of Social Development at Washington University, St Louis
• Professor Margaret Sherraden, University of Missouri, St Louis
• Doug Taylor, Financial Services Chief Advocate, Which?
• Otto Thoresen, ABI Director General
• Nick Watkins, Managing Director, Gfk Financial
• Steve Webb MP, Minister of State for Pensions
• David Yeandle, OBE, Director, Government Relations, European Employers Group