McCafferty becomes chair of Nest
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The Department for Work and Pensions has appointed Brendan McCafferty as the next chair of the National Employment Savings Trust Corporation, replacing Otto Thoresen.
McCafferty will take up the role on 1 February 2022 for a five-year term. He will oversee the master trust as it transitions to a new service administrator.
Pensions minister Guy Opperman said McCafferty brings "a wealth of financial services knowledge to the role and will be a great fit". McCafferty held several executive roles in the insurance sector before becoming a non-executive at A Blueprint for Better Business, a charity aiming to help business work for society.
"I would also like to thank Otto Thoresen for his service as chair. He successfully steered Nest through the ramp up of automatic enrolment and the establishment of its industry-leading responsible investment approach. He leaves behind a lasting legacy," Opperman added.
Nest currently has about 10.5m pension scheme members, working at over 940,000 employers.
