A retirement income blueprint for NEST's members
Full consultation response
In June 2015 we published a further response to The future of retirement consultation. This details the NEST Trustee’s blueprint for a core retirement income strategy that would best meet the needs of a significant proportion of NEST members.
We received a broad spectrum of formal and informal responses to the consultation. These included contributions from asset managers, insurance companies, consumer groups, trade bodies, think tanks, advisers and consultants, as well as overseas pension schemes.
Read NEST’s full consultation response A retirement income blueprint for NEST's members (PDF)
In March 2015 we published an interim document setting out some of the high-level themes emerging from the broad range of responses to the consultation, as well as emerging evidence from other organisations.
This document set out six guiding principles to inform the design of default retirement solutions for DC-dependent savers.
Read Guiding principles for the design of retirement pathways for the automatically enrolled generation (PDF)
The future of retirement consultation
In the 2014 Budget, the Chancellor of the Exchequer announced changes to the ways that savers in pension schemes could use their retirement pots. The 2014 Pensions Bill also sets out additional options for occupational pensions to share risks. These changes provide a different regulatory framework for defined contribution (DC) pension schemes.
We believe that the best way for us to develop our approach in light of significant regulatory change is through primary research, reviewing research conducted by other organisations and by seeking the expert views of colleagues in the industry.
In November 2014 we published the consultation report The future of retirement (PDF) in order to develop:
- a thorough understanding of the needs and aspirations of NEST’s current and future membership
- better ways of engaging with members about their retirement options
- a better understanding of available approaches to investment and accessing savings in the current market
- an idea of how the market is likely to develop and innovate in response to consumer demand