The Challenges Ahead to Secure the Pensions of 11 Million Employees                         Interview by Helen Winsor, Fin...
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Tim Jones - The Challenges Ahead to Secure the Pensions of 11 Million Employees

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Tim Jones, Chief Executive Officer of NEST, joins Helen Winsor of Finance IQ to discuss what needs to be done in the pensions and fiduciary management space to provide today’s employees with a financially stable future.

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Tim Jones - The Challenges Ahead to Secure the Pensions of 11 Million Employees

  1. 1. The Challenges Ahead to Secure the Pensions of 11 Million Employees Interview by Helen Winsor, Finance IQ Tim Jones, Chief Executive Officer of NEST, joins Helen Winsor of Finance IQ to discuss what needs to be done in the pensions and fiduciary management space to provide today’s employees with a financially stable future.Finance IQ: First of all, were now nearly six months into auto enrolment; what do you thinkare the public perceptions of it?T Jones: I think for many people, of course, its still very early. Automatic enrolment startswith the very largest employers in the country and works its way through, over five years, tothe very smallest. What we have done is to research what peoples attitudes are so far. Wewere delighted to find in our research – we published a document called NEST Insight at theend of January – that 63% of people agree with the idea of automatic enrolment despitefinding the current economic climate difficult. We were very heartened by that. These arepeople that regularly check their wage slips, so its not as if theyre unaware that this ishappening. But, what we find in our research with NEST members – because weve been livenow for over 18 months, and so were beginning to talk to some of the early members ofNEST – is that they are very happy that theyre finally, for some of them, doing somethingabout pensions for the first time, and theyre glad that this is happening.Finance IQ: What do you think are the major pressures facing trustees in 2013?T Jones: I think that automatic enrolment is in a sense raising the bar for the whole industry.Its bringing lots of people into pension savings who are coming into it for the first time, and Ithink many of those people will bring quite a consumer sense of well, whats happening to mymoney? Is this good? What am I getting? For trustees, I think that translates into a need to beclear that theyve got very good governance and to be able to explain what the governance ofthe pension scheme is. Theyll be transparent about that, because I think increasingly peopleexpect transparency around whats happening to their money, and to be very, very clear inthe way they communicate; the language they use and the style that they bring tocommunications. Because people arent interested, in our experience of talking to our targetmarket, in learning the jargon of the pensions industry or the jargon of financial services.Theyre interested in their lives, so if pensions are coming into their lives, they expect thepension scheme to talk their language.Finance IQ: Is there any new regulation which will impact on how pension schemes are run?Download the full interview here -http://www.fiduciarymanagementsummit.com/MediaCenter.aspxTim Jones’ colleague, Paul Todd, Head of Investment at NEST Corporation, will be speakingat the 2nd Annual Fiduciary Management Summit, 30 April 2013, London UK. For moredetails, please visit the website: www.fiduciarymanagementsummit.com, call freephone: 0207368 9300 or email: enquire@iqpc.co.uk. 1
  2. 2. IQPCPlease note that we do all we can to ensure accuracy within the translation to word of audio interviews but that errors may stillunderstandably occur in some cases. If you believe that a serious inaccuracy has been made within the text, please contact +44(0) 207 368 9425 or email helen.winsor@iqpc.co.uk. 2

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