Nest is a workplace pension scheme, run as a trust by Nest Corporation. This means that there are no shareholders or owners. We run the scheme in the interests of our members. Nest Corporation is the Trustee of Nest. It was established by legislation to run the Nest pension scheme, and reports to Parliament through the Secretary of State for Work and Pensions.
We now have over 11 million members saving with us, and £25.5 billion assets under management. We’re aware that many of those members are saving because they’ve been automatically enrolled in Nest and have not made an active choice to save. And we know that for many, the money they save comes out of a limited budget. This means we have a responsibility to help our members achieve a better later life through high-quality investments and services, expert governance, low charges and value for money. To achieve this clear social purpose, we’ve created an organisation that’s confident about who we are and how we’ll meet our aims.
Our strategic priorities describe how we will work towards our mission: support strong member outcomes, deliver a good service to our customers, grow the business in the right way, deliver a sustainable future business model, and deliver a corporation fit for the future.
We subscribe to high standards of corporate governance in order to serve the best interests of the Scheme’s members and fulfil our obligations as a public corporation. Our Board is made up of our Chair, Brendan McCafferty, and 9 other Board Members, two of who also sit on our Executive Committee. The Board is responsible for agreeing our strategy. It holds the CEO to account for the implementation of our strategy, providing support and challenge as appropriate. The Board’s priority is to provide a robust, stable pension scheme which operates in the best interests of members. It focuses on delivering a good service to members, employers and intermediaries such as advisers and payroll providers, and meeting our public service obligation to enable any employer to choose the Scheme to meet their auto enrolment duties, as well as to accept self-employed people into the Scheme.
Why the Nest Corporation is supporting Boardroom Apprentice
Nest is committed to robust governance and effective decision making. We recognise the importance of having a diverse workforce and a diverse Board to ensure robust decisions, and to effectively represent the millions of members we serve. At Nest, we celebrate difference, challenge stereotypes, combat stigma and empower our people.
We would like to provide this opportunity for an apprentice to join our Board for a year to learn about life on a Board, involve you in our discussions and for us to have a new voice around our Board table challenging our views and providing your thoughts.
Location of Board and Committee Meetings
Board meetings are in person at our offices in Canary Wharf London. Committee Meetings are all virtual.
Frequency and timing of board/committee meetings
We have six Board meetings a year and two strategy days, running from 10-3pm
Date of Board Meetings (January 2023 – December 2023)
26 January, 23 March, 25 May, 29 June,27 July, 30 November Strategy Days: 20 April and 21 September.
Committee of the Boards and meeting dates (January 2023 – December 2023)
Audit Committee: 8 March, 3 May, 20 June, 13 Sept, 6 Dec
Risk Committee: 10 March, 9 June, 21 July,14 Sept. 7 Dec Investment Committee: 2 Feb, 26 April, 13 July, 19 Oct
NomRem Committee:8 Feb, 16 March, 18 May, 14 June, 20 Sept, 23 Nov