NEST names panel of retirement income providers

The National Employment Savings Trust (NEST) today unveiled its panel of recommended retirement income providers.

NEST investors will be able to purchase an annuity from a provider on the panel, or from an open market alternative.

The providers, which remain on the NEST panel on ten year contracts, are: Canada Life, Just Retirement, Legal & General (L&G), Partnership and Reliance Mutual.

All of the panel providers have agreed to provide annuities on pension pots worth £1,500 or more.

Tim Jones, chief executive of NEST said: "Our panel will enable members to buy a retirement income product if this is appropriate to their needs, even if they have a small pot."

A NEST spokesperson said the providers were chosen via a competitive tendering process, which adhered to strict public sector procurement procedures.

The same method was used to select the fund managers for each of NEST's fund management mandates.