On Monday 12 November 2018, we officially launched our sidecar savings trial and announced which organisations are taking part in the research.
Over the next two years, our research project will explore whether the sidecar savings model can improve workers’ financial resilience today and in retirement by creating an optimal level of savings. Workers participating in the trial will be monitored for two years to assess sign-up rates, how much they save, and the impact on their financial wellbeing.
The trial is due to go live within workplaces over the coming months, with workers beginning to make contributions at the start of 2019. Timpson will be the first employer to roll the trial out within their organisation of over 5,600 workers.
The JPMorgan Chase Foundation and the Money Advice Service (MAS) will be providing support for the trial. MAS will also be working with us directly on the research, along with Professor Brigitte Madrian and the Harvard Kennedy School. We’ll also be working closely with Salary Finance who will be providing the sidecar accounts that will sit alongside NEST pension pots.
Watch our video to find out more about the research trial:
You can find out more about the sidecar model and our research trial in the following blogs, press releases and NEST Insight publications:
How will NEST Insight’s sidecar savings trial work? (blog)
NEST Insight launches its sidecar savings trial (press release)
Liquidity and sidecar savings discussion paper (PDF)
Liquidity and retirement savings: what’s the right balance (PDF).