ABI and NEST agree partnership deal
23 November 2018
The Association of British Insurers (ABI) and National Employment Savings Trust (NEST) have announced a partnership, boosting the relationship between the UK’s leading insurance and long-term savings trade body and the Government-established workplace pension scheme.
The two organisations have already been working together on key issues affecting the long-term savings industry, including the development of automatic enrolment and the pensions dashboard. This arrangement is very similar to the ABI’s partnership with flood reinsurance scheme FloodRe.
NEST was established by the Government as part of their sweeping automatic enrolment reforms of the Pensions Act 2008. NEST have a public service obligation to ensure employers of any size can meet their workplace pension duties, and was set up to complement the existing long-term savings industry.
NEST now has more than 7 million members across 700,000 employers, and shares the purpose of the ABI’s long-term savings members to deliver good customer outcomes for pension savers.
Read the full press release from ABI.