Hi folks and welcome to Five Minute Friday this one is a little bit different. I am

joined by a gentleman called Spike Kaiser who reached out to me because he found

out something really interesting about the nest pension scheme. Okay, I want to get straight into it because the interview is slightly more than five minutes but not that much more and the less I waffle on here the better

so here's my quick conversation with Spike Kaiser. Okay Spike great to have you with me

welcome to Five Minute Friday on Meaningful Money firstly you may tell me who you are and what you do.

I'm a computer science graduate. It's just graduated in summer and now working in a

FinTech company in London and I've also just started a personal finance

YouTube channel to educate the masses.

Marvelous, a man after my own heart, that's what we like.

I'll make sure we put obviously a link to your YouTube channel and you tell us a little bit more about it at the end but you

reached out to me spike about a week or so ago because of something you had found out

almost by accident and so first of all tell me what you were up to which made you find out this thing.

What were you planning?

Yes I was planning on making a video about pensions.

Importantly sort of contribution pensions, match contributions pensions,

and I did a bit of digging into nest, so one of the biggest providers in the UK.

Exactly, nest obviously, one of the biggest auto enrollment providers, so a lot of people is the sort of default pension that their employers have

set up so what did you find out? Yeah so the default fund that they put you in that

actually nest claims 90% of people stay in for the rest of their lives are the

retirement date funds which are basically the funds that is a multi-asset portfolio fund.

They rebalance for you throughout your retirement or savings career.

And that's how they advertise it to you and in a little blurb that comes with the fund when you click it.

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