Nest brings 8 million pension pots to the STAR Initiative
14 August 2019
Ahead of the first meeting of the ABI hosted pensions working group on 22 August, STAR is announcing one of the UK’s biggest pension schemes, Nest, is joining the STAR Initiative.
A pensions industry initiative to work together to define appropriate standards and help drive change, STAR is working to define good-practice use that to drive down pension transfer times. It commits schemes to working towards reducing most transfers for defined contribution (DC) schemes to less than 21 days, and to promote regular reporting of average transfer times.
Consumers and advisers can find switching difficult; because of the time, complexity and cost involved; creating barriers that may result in consumers staying with products or platforms, which no longer meet their needs, or which offer them poor value for money.
There will be over 30 organisations, including Nest, represented at the inaugural meeting of the pension working group. The forum will be a place for organisations to share ideas and collaborate on developing industry best practice and problem-solve to reduce transfer times.
For further information please contact:
Commercial and Marketing Director
0773 765 0010
STAR was created as a collaboration between Criterion and TeX, combining the industry-reach, unique strengths, experience and shared ambition of the two not-for-profit organisations.
Criterion was formed for the industry in July 2017, as an independent, not-for-profit industry body providing Standards and Governance services. It was originally part of Origo Services Ltd and has been publishing process and integration standards for over 25 years. Criterion is uniquely positioned to facilitate and drive cross-industry engagement, helping organisations achieve higher levels of collaboration, reduce costs and achieve better outcomes for their consumers.
TeX is a not-for-profit organisation which works with the industry to ensure that the maximum benefit is provided to all members. This new company is financially independent from TISA but benefits from being linked to the TISA brand through name, the expertise provided by the two corporate entity directorships and the administrative support provided by TISA.