On the go: Pensions minister Guy Opperman has announced that Brendan McCafferty has been appointed as chair of the National Employment Savings Trust for a five-year term.
McCafferty, who has previously served as group chair and chief executive of Brightside Group, and was previously CEO of Axa Insurance, will replace outgoing chair Otto Thoresen.
During his term, Thoresen oversaw the expansion of auto-enrolment and the creation of Nest’s responsible investment approach. Announcing the change, Opperman thanked Thoresen, who he said will leave a “lasting legacy”.
Nest currently supports 10.5m pension scheme members, working with more than 940,000 employers. As of 2020, private sector participation was around 86 per cent, with 14.3m eligible employees.
Thoresen will officially depart on January 31 2022, with McCafferty taking over from February 1 on a £91,000 salary, committing a minimum of 130 days a year to his new role.
“I am delighted to confirm Brendan McCafferty as the next chair of Nest Corporation. He brings a wealth of financial services knowledge to the role and will be a great fit,” Opperman said.
“Brendan will oversee an important five years as Nest transitions to a new service administrator. I am confident he will continue to develop its service and help millions of workers enjoy a more comfortable retirement.”
McCafferty said: “Nest is now well established and has shown itself to be an organisation with the interests of its more than 10m members at its heart.
“As Nest sets about the next phase of its development, I am delighted to have been given the opportunity to work with the trustee board and wider stakeholders to help ensure we deliver the Nest purpose of helping millions of people enjoy a better retirement.”
