The Personal Accounts pension scheme, which aims to help lower earners to make adequate pension contributions, is to be re-branded.
The Personal Accounts Delivery Authority (PADA) has revealed that the pension scheme will be re-branded as the National Employment Savings Trust (NEST).
NEST will be one of the schemes available to employers as part of the Government's workplace pension reforms, and will help them to fulfil their new duties under the reforms, due to come into effect in 2012 - NEST is due to launch in low volumes in 2011.
Commenting on the re-branding of Personal Accounts, Jeannie Drake, PADA acting chair said: "The reforms to UK workplace pensions, including NEST, represent a consensus settlement reached across the industry, political parties and interest groups.
"We all have one goal in mind – to make saving for retirement become the norm and to put an end to poverty in old age. The release of the new brand today is another milestone along the way to achieving one of the biggest social reforms of our generation."
Also commenting on the new brand, Joanne Segars, chief executive of the National Association of Pension Funds (NAPF) said: "We all need a pensions nest egg to enjoy a comfortable retirement. Already almost 12 million people are saving in a workplace pension with contributions from their employer.
"Today's announcement brings us a step closer to the 2012 reforms when nearly all working people, especially those on low and moderate incomes, will be given this opportunity."
© Fair Investment Company Ltd