The U.K. government confirmed it will fund the launch of a national pension fund for workers who are not saving for retirement. Funding will be available for the launch of the National Employment Savings Trust (NEST).
NEST is part of a plan to make pension-saving compulsory. It was devised by the Pensions Commission, chaired by Adair Turner, which highlighted in 2004 that 12 million workers under 25 were not saving enough for their retirement. Turner estimated the fund could reach 150 billion pounds in assets by 2050.
