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Industry experts claim NEST and the Government are ‘geared up’ to get employees involved in retirement saving


An international line-up of academics, policymakers, advisers and opinion-formers gathered yesterday at the National Employment Savings Trust (NEST) Forum 2012 in London, to debate the issues surrounding saving and the barriers consumers face ahead of the beginning of pension legislation later this year.

The event took place as, at its own conference in Edinburgh, the National Association of Pension Funds announced findings that public confidence in pensions had reached an all time low.

Addressing delegates at the NEST Forum, minister for pensions Steve Webb (pictured) 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, added: "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. "

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."