NEST is a new pension scheme in the UK created to help employers meet new legal duties to automatically enroll workers into a workplace pension scheme, to be introduced in the UK in 2012.
The scheme is expected to serve up to six million workers in the UK who have no occupational pension provision. It will operate as a trust-based occupational pension scheme run by NEST Corporation.
State Street Global Advisors head of UK Kanesh Lakhani said that this is a great opportunity to work for what will be a significant step in UK pension savings. SSgA already works with many of the world’s largest pension funds managing a range of investment strategies to deliver on the clients’ investment objectives.
In November 2010, State Street was also awarded the contract for fund administration services for NEST.
