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Policies and plans
Nest Corporation sets out various policies and plans designed to keep key stakeholders, including members and employers using Nest, informed of current and planned activity.
Our product is designed to meet the needs of workers and the self-employed in the UK. Our Consumer Duty statement details who Nest is and isn’t suitable for.
As Nest is an authorised master trust, regulated by The Pensions Regulator (TPR), we do not fall directly under the Financial Conduct Authority's Consumer Duty requirements to issue a target market statement. We’ve chosen to do so to support advisers in recommending Nest to their clients.
Corporate governance focuses on the way an organisation is run. It provides the structure and control that an organisation uses to set out its goals and monitor its performance.
See our corporate governance statement (PDF)
Corporate responsibility is about ensuring that Nest acts in a way that has a positive impact on its customers, workers and the wider community. Nest Corporation is committed to mapping our impact and reporting on how we're carrying out our responsibilities.
The Modern Slavery Act came into force in October 2015. The Act puts an obligation on commercial organisations with a turnover in excess of £36 million to publish an annual statement. That statement must outline the steps taken in the previous financial year to ensure slavery and human trafficking isn’t taking place within the organisation or its supply chain.
Nest Corporation doesn’t condone any form of modern slavery or human trafficking. Since 2016 Nest has issued an annual modern slavery and human trafficking statement, in the interest of public transparency.
Our Corporate plan outlines Nest's priorities and delivery plans in the coming years. It’s reviewed regularly to keep track of what we need to do to achieve our vision of helping millions enjoy a better retirement.
Corporate plan 2023-2026 (PDF)
Corporate plan 2022-2025 (PDF)
Corporate plan 2021-2024 (PDF)
Corporate plan 2020-2023 (PDF)
Corporate plan 2019-2022 (PDF)
Corporate plan 2018-2021 (PDF)
Corporate plan 2016-2019 (PDF)
Corporate plan 2014-2017 (PDF)
Corporate plan 2013-2016 (PDF)
Corporate plan 2012-2015 (PDF)
In 2017 UK legislation required all organisations with more than 250 members of staff to publish their gender pay gap annually from 31 March 2018. While we’re not required to publish further details or action we might be taking, we still elect to do so. We also publish our ethnicity pay gap report as part of Nest’s ongoing commitment to transparency and openness.
Our latest reports:
Previous reports:
View the latest Women in Finance Charter
Nest’s Women in Finance target was to have 30% women in senior management roles by Autumn 2019. Not only did we hit this in September 2019, there are currently 45% women in senior management within the company.
We’re pleased to have beaten our target, but recognise that men and women make up equal proportions of the UK’s working age population and our membership. Our new target is to have women make up 50% of senior management roles by 2025.
Our Chief Executive Officer, Helen Dean CBE is female but we recognise that there's still more work to be done at the executive committee (ExCo) level running Nest, along with a gender pay gap.
We'll continue to:
- implement our Diversity & Inclusion (D&I) Strategy and deliver against our action plan
- support our ExCo to be champions and ambassadors for D&I
- include D&I measures in our key performance indicators (KPIs), including gender balance targets
- provide regular reporting to our ExCo and Board on the diversity KPIs
- look at recognised differences and the relationship between gender and other protected characteristics such as ethnicity, disability and sexual orientation
- work with our partners, suppliers and sector to improve diversity and facilitate improvements in gender balance
Policies and frameworks
There are a number of other policies and frameworks that Nest has developed to help us deliver our investment strategy and guide our decision making.
Employers’ Panel terms of reference
Download (PDF)
Members’ Panel terms of reference
Download (PDF)
Investment principles
The Statement of investment principles (SIP) sets out how Nest will invest members’ money.
Order and rules
Nest’s order is the legal document that establishes the scheme and appoints Nest Corporation as the Trustee. This can only be amended by Parliament.
Freedom of Information Act
The Freedom of Information Act 2000 gives any person of any age or nationality, anywhere in the world, the right to access certain official information held by public authorities in the UK.
Procurement
Nest Corporation works to comply with public sector procurement rules and principles.
Gifts and hospitality
Nest publishes a register of any gifts and hospitality received or given by Board Members or our executive team each quarter.
Complaints
We’re committed to dealing with any concerns you may have about Nest in a timely manner.
How Nest is run
As a public corporation we have no owners or shareholders. This means we’re free to run the scheme in the interests of our members.
Employers’ and Members’ Panel
The panels provide a forum for employers and members to give their perspectives on Nest, key issues and activities.
Executive team
Day-to-day management of Nest Corporation is delegated by the Board to the executive team.
The Board
Nest Corporation is the Trustee of Nest, and is comprised of up to 15 Board Members and the employees. The Board sets the strategic direction and objectives of Nest.