The Government’s flagship scheme to encourage millions of low and moderate earners into saving for retirement was given a name yesterday, Nest, along with a suitable logo, an egg.
The Government’s flagship scheme to encourage millions of low and moderate earners into saving for retirement was given a name yesterday, Nest, along with a suitable logo, an egg.
The Personal Accounts Delivery Authority (PADA), the quango introducing the pensions arrangements, spent £350,000 on research and consultants to come up with the name of National Employment Savings Trust (Nest).
Tim Jones, chief executive of PADA, said that the nest-egg image would resonate with the scheme’s potential members — low-paid people who until now have not saved in a workplace pension. “We have followed a detailed, research-based process to ensure this will be a brand designed by members for members,” he said.
Sixty-three per cent of employees polled and 59 per cent of employers favoured the name over an alternative.
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