LONDON, October 14, 2024 – WTW and Hymans Robertson have been appointed by Nest Pensions, the UK’s largest defined contribution (DC) workplace pension scheme by members, to assist with their innovative programme to develop a new retirement income offering for DC retirees.
With more than 13 million members, one million employers and more than £40bn in assets under management, Nest performs an essential role in facilitating high quality DC auto-enrolment while delivering value for money. As Nest’s membership matures, members will increasingly rely on income from their DC savings in retirement.
Nest is also building on its products, services, guidance and tools to provide members with a life-long, sustainable income, whilst retaining the benefits of flexibility introduced by pension freedoms.
Mark Rowlands, Head of Retirement at Nest, said: “Nest has been a founding member of the UK’s auto enrolment pension market, bringing millions of people into pension saving, many for the first time. One in three of the working population is expected to have a Nest pension pot by the late 2020s, and we want to ensure their journey to retirement is as seamless as their savings journey with Nest.
“We know our members want a decumulation product which provides some flexibility in the early years of retirement, but also provides sustainable lifelong income as a wage replacement, so that it’s in place by the time our members need it.
“WTW and Hyman Robertson’s experience in these areas and their market leading expertise in retirement offering design, modelling, investment and insurance solutions, member support and engagement, means they are well placed to help us develop solutions that will help our members make the most of their savings throughout their retired lives.”
