ABI: New name welcome but more needed to educate public

ABI: New name welcome but more needed to educate public

ABI: New name welcome but more needed to educate public

Responding to PADA’s announcement that the new permanent name of the national workplace pension scheme, formerly known as the personal accounts scheme, will be the National Employment Savings Trust (NEST), Maggie Craig, Acting Director General of the ABI, said:

“We are pleased that the new name has been announced and hope it will strike a chord with the low paid employees it is targeted for. This new branding must now be a springboard for action. We have for some time stressed the need for an extensive national communications campaign to increase awareness and understanding of pension saving. This would ensure that many more individuals can be helped to build a real nest egg for their retirement. There is little time to lose before the scheme is due to start in 2012.”

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Notes for Editors

1. Enquiries to:
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

3. An ISDN line is available for broadcasts.

4. More news and information from the ABI is available on our web site, www.abi.org.uk.