28 January 2016
Back to news homeResponding to findings from the PLSA today that showed most people have not taken advice or guidance following the new pension freedoms, Otto Thoresen, chair of NEST said:
"This research from the PLSA is pretty compelling evidence that millions of retirees simply aren’t seeking financial advice or using guidance services. Advice and guidance are an important piece of the puzzle for those who seek them, but there must be some sort of safeguards in place for those who can’t. We think it’s the responsibility of the pensions industry to make sure people can still get good results even if they choose to do nothing, just like we’ve done with auto enrolment. We fully support the idea of quality assured retirement products. For us, the test of quality will be how far these products meet people’s needs without them having to make lots of complex decisions.”
About NEST
NEST is a not-for-profit pension scheme set up as part of the government’s radical workplace pension reforms. Over 5 million people have been automatically enrolled into pensions at work since 2012, reversing a decades-long decline in retirement saving. NEST is the biggest scheme now operating in this market, catering for more than 2.5million savers.
About Otto Thoresen
Otto is chair of NEST. He was director general of the Association of British Insurers (ABI) until the end of January 2015 and served on its Board from 2005. Previously he was chief executive with AEGON Group from 2005 to 2011. He was the independent reviewer of the Treasury Review of Generic Financial Advice – the Thoresen Review - published in 2008 which led to the creation of the Money Advice Service.