Brendan McCafferty has been reappointed as Chair of Nest, effective from 31 January 2027. He has served as Chair since February 2022 and will continue in post for a further two years beyond his initial five-year term.
Nest is the largest workplace pension in the UK, with one in three British workers having a Nest pension pot. It was established to help employers meet auto-enrolment duties, allowing employees to build a retirement pot through regular contributions.
Over McCafferty's tenure, Nest membership has grown from 11 million to more than 14 million and assets under management from £24 billion to over £60 billion. He has overseen Nest setting its ambition to increase private market investments to 30 percent, strengthening its commitment to investing in the UK economy.
Minister for Pensions, Torsten Bell said:
I'm pleased to announce Brendan's reappointment as Chair of Nest. Nest plays a vital role in helping millions of working people across the UK build financial security for retirement.
Under Brendan's leadership, Nest has strengthened its position at the centre of our pension landscape. I look forward to working with him to ensure that remains the case in the years ahead.
Chair of Nest, Brendan McCafferty said:
I'm delighted to continue as Chair of Nest and to work with the Board and executive team as Nest delivers better outcomes for its 14 million members.
Nest has an important role in helping low and moderate earners build financial security for later life, and I look forward to supporting its continued growth and purpose of building financial peace of mind for all.
Additional Information
The Chair of Nest is responsible for leading the Board, setting strategic direction, and ensuring the scheme protects its members' interests.
Brendan McCafferty was appointed for an initial term of five years on 31 January 2022.
In his capacity as Chair, Brendan McCafferty will be entitled to an annual remuneration of £92,300 from the date of reappointment.
