Brendan McCafferty has been reappointed as chair of Nest, the Department for Work and Pensions announced today.
The reappointment will take effect from 31 January 2027 and will extend his time in the role by two years beyond his initial five-year term. Mr McCafferty has served as chair since February 2022.
Nest is the largest workplace pension scheme in the UK, with one in three British workers having a Nest pension pot. It was set up to help employers meet auto-enrolment duties and allow employees to build retirement savings through regular contributions.
During Mr McCafferty's tenure, Nest membership has grown from 11 million to more than 14 million. Assets under management have risen from £24 billion to more than £60 billion. The department says he has overseen Nest setting an ambition to increase private market investments to 30%.
The chair is responsible for leading the board, setting strategic direction and ensuring the scheme protects members' interests. From the date of reappointment, Mr McCafferty will be entitled to annual remuneration of £92,300 in the role.
Pensions Minister Torsten Bell said Nest played a vital part in helping working people build financial security for retirement. Mr McCafferty said he would continue working with the board and executive team as Nest seeks to deliver better outcomes for its 14 million members.