A glut of private sector competitors to the National Employment Savings Trust (NEST) could have a negative long-term impact on savers, an actuary warns.
His comments come as the industry gears up for auto-enrolment in 2012 with many preparing master trusts for employers keen to outsource their trusteeship. In September, Standard Life revamped its master trust offering, whilst institutional firm Dean Wetton Advisory launched Pension Umbrella Trust, a direct NEST competitor. Danish provider ATP announced in September it will be launching its NOW pension in the UK to compete with the government scheme as well. However, Chris Roberts, a consultant at actuarial firm Spence and Partners, said too much choice in the master trust market co...
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