The Department for Work and Pensions (DWP) has reappointed Brendan McCafferty as the chair of Nest, effective from 31 January 2027.

McCafferty was appointed for an initial term of five years on 31 January 2022, and will continue in the role for a further two years once that initial term has ended.

Nest chair is responsible for leading the board, setting strategic direction, and making sure the scheme protects its members’ interests.

During McCafferty’s tenure, Nest membership has risen from 11 million to more than 14 million, while its assets under management have grown from £24bn to over £60bn.

Prior to joining Nest, McCafferty held senior positions in insurance, including as CEO of Flood Re, AXA Insurance, and Brightside Group.

Alongside his responsibilities as Nest chair, McCafferty is chair of Leeds Building Society and Accounting for Sustainability.

“I’m pleased to announce Brendan’s reappointment as chair of Nest," commented Pensions Minister, Torsten Bell.

“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.”

McCafferty added: “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.”

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