US asset management company
State Street has been appointed to provide fund administration and
custody services to the UK’s National Employee Savings Trust (NEST)
programme.
The trustee body responsible
for running the programme is NEST Corporation. State Street’s
contract is for 10 years.
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The goal of NEST is to ensure
auto-enrollment of all workers into a workplace pension scheme.
Large companies begin auto-enrollment of employees in 2012 and
small companies in 2014.
As the next step in its
implementation of the scheme, NEST Corporation has begun
advertising in the Official Journal of the European Union for fund
managers. They are being asked to handle a range of investment
mandates which will form the basis of a default pension
fund.
According to the Association
of Consulting Actuaries, between 10 and 11m workers will be
eligible for auto-enrollment, although they will have the right to
opt-out.
NEST Corporation CEO Tim
Jones said recently that the scheme could grow to £100bn ($160bn)
within 30 years.
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