NEST is a great Government delivery success story. Established in 2010, NEST has been a critical pillar of the Government's automatic enrolment programme, with a public service obligation (PSO) to accept any employer wishing to use the scheme to discharge their automatic enrolment duties.
From a standing start, we have delivered a high quality, low cost pension scheme open to all which has not only delivered on its mission but helped to drive up standards and best practice across the industry. Now with over 6 million members, NEST is playing a critical role in helping people save for their retirement - many of them low to moderate earners who may be saving for the first time and moving jobs frequently.
NEST now occupies a place in the market as a major Master Trust, a sector that has grown following the introduction of Automatic Enrolment - and that we believe has great potential for delivering pensions to mass market consumers for many years to come, leveraging scale to offer low cost, modernised services in the context of strong Trustee governance.