February 3, 2011 / 6:11 PM / 7 years ago

UK national pension scheme names three managers

* UBS to run equity tracker fund

* State Street gets mandate for gilt funds

* Blackrock mandate to run cash and mixed funds

LONDON, Feb 3 (Reuters) - Britain’s new national pension scheme said on Thursday it has appointed UBS UBSN.VX, State Street (STT.N) and BlackRock (BLK.N) to run five investment mandates likely to be worth billions of pounds.

The National Employment Savings Trust (NEST) said UBS Global Asset Management will run an equity mandate, State Street will run two bond funds while BlackRock will take charge of a cash and mixed asset funds.

All the funds will track indexes and are likely to amount to billions of pounds, holding the pension savings of millions of British workers.

NEST is part of a plan to make pension-saving compulsory. It was devised by the Pensions Commission, chaired by Adair Turner, which highlighted in 2004 that 12 million UK workers under 25 were not saving enough for their retirement. [ID:nLDE6941XO]

From 2012, workers over 22 and earning more than about 7,000 pounds ($11,350) a year will be automatically enrolled in a pension scheme, either one sponsored by their company or NEST.

”We are getting the infrastructure in place now so that we can test the systems and be ready to accept our first contributions later this year, said NEST Chief Executive Tim Jones.

Last year NEST announced it had appointed State Street to administer the funds.[ID:nLDE6A01L8] ($1=.6166 POUND) (Reporting by Chris Vellacott; Editing by Jon Loades-Carter) (For the Funds Hub blog: blogs.reuters.com/hedgehub) (For Global Investing: here)

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