Click on the firm name below to read their views

THE GOOD: TUC | NAPF | Standard Life | PwC | Which?

THE BAD: Ros Altmann | Towers Watson  | Origen

TRADES UNION CONGRESS

Brendan Barber, general secretary, said: "Today is another milestone in building a new pension system with the hatching of Nest. This will give millions the chance to build up their own pension nest eggs with the support of their employer.

"Nest is a smart identity for the low-cost pensions savings scheme that we desperately need."

NATIONAL ASSOCIATION OF PENSION FUNDS

Joanne Segars, chief executive, said: "We all need a pensions nest egg to enjoy a comfortable retirement. Already almost 12 million people are saving in a workplace pension with contributions from their employer. Today’s announcement brings us a step closer to the 2012 reforms when nearly all working people, especially those on low and moderate incomes, will be given this opportunity."

STANDARD LIFE

John Lawson, head of pensions policy, said: "Standard Life strongly supports the 2012 pension reforms which will improve retirement savings for millions of people. We also recognise that private sector schemes cannot commercially serve the whole market.

"Nest, which will concentrate on lower-to-moderate earners, is therefore a necessary part of the bigger reform picture. Regardless of which pension scheme people are enrolled into, they will start to build up a useful nest egg for their later years."

PRICEWATERHOUSECOOPERS

Angela Mohtashemi, director, HR and pensions communications, said: "Revealing the scheme’s name and logo gives the scheme its own identity and reinforces the distinction between it and the auto-enrolment regime – this is important as the previous terms had become largely, and incorrectly, interchangeable.

"A brand is far more than just a name and a logo – it is a promise with an underlying set of values. The Nest brand will need to be established not only through the scheme’s communications but more importantly through the actual experiences of its customers, those being members, their employers and intermediaries, and the brand promise will need to be tailored to each of these audiences."

Marc Hommel, partner and UK pensions leader, added: "Nest certainly has a good chance to succeed… While delivering a low-cost, simple and credible scheme will be a challenge, if it proves durable Nest could become the preferred workplace retirement savings vehicle for many UK employers – large and small.

"In that case, in time, employers are likely to lobby for the removal of the £3,600-a-year contributions cap so they can use Nest to make higher employer contributions and cover the pay of higher-earning workers if they wish. This cap has been imposed by legislation and will be reviewed in 2017."

WHICH?

Doug Taylor, head of economic advocacy, said: "This is another important milestone on the road to 2012. Consumers want a brand they can trust working for them and the best return they can get for their contributions. We believe that Nest will deliver that. Millions of low to middle income consumers will now be able to look forward to a more comfortable retirement."

ROS ALTMANN

Ros Altmann, independent pension consultant, said: "The government's new name for the personal accounts - 'Nest's - may have caught some headlines, but the dangers remain. The image of a nest egg is misleading, because so many will find their Nest is empty, as they have saved merely to replace means tested benefits they would otherwise have had. The risk to existing workers' pensions is also being ignored, as employers cut back towards the 3% minimum, when they are almost all contributing far more than that at the moment.

"The project should be put on hold, it is dangerous and will contribute further to the destruction of our once-thriving pension saving culture. Sorry to be so negative, but that's how I see it and the dangers are real. Let's try to be honest with the workers, instead of shoehorning them into something that is not fit for their needs."

TOWERS WATSON

Paul Macro, senior consultant at Towers Watson, said: "It would be easier to build a nest if the government didn't keep shaking the tree. Following the pre-Budget report, it will now be 2016 before all employers have to offer pensions and 2017 before the modest level of minimum contributions is fully phased in. Consumption is taxed more heavily than saving so it's no surprise that the government is in no rush to start, but the fiscal crisis won't stop us getting old."

ORIGEN

Steve Herbert, head of benefits strategy at Origen, said: "I'm reasonably astonished at how positive this is to be honest. This is the third name change since conception (NPSS/ personal accounts and now Nest), and fundamentally changes nothing. I can only assume that much of the positive comment comes from those actively involved in the brand consultation.

"What is absolutely clear is that this does not herald a new start for pension reform; this is only a brand name and nothing more. If brand names resolved all the issues around pensions we would not need Nest, given that our industry has spent millions on brand names over the years."

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