Press Release: State aid: Commission approves UK pension scheme NEST

The European Commission approved on 6 July 2010 under EU State aid rules the establishment of an occupational pension scheme, branded NEST, in the UK to ensure that all employees have access to an affordable pension vehicle. The scheme, part of a wider pensions' reform in the UK, is meant for low to moderate income earners that the existing market does not serve. The Commission found the measure to be compatible with EU State aid rules, because NEST carries out a service of general economic interest (SGEI) and receives no overcompensation for providing it.