NEST has today, 19 July, published its Corporation annual report and accounts and the Scheme accounts for 2011/12.
Key highlights from the Corporation report and accounts include:
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NEST was open for business to its first volunteer employers during the year. By 31 March 2012, NEST had around 100 registered employers, over 800 members and net assets of around £500,000. These volunteer firms have allowed the scheme to test and further improve its new systems and business operations with low volumes in readiness for the onset of automatic enrolment
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NEST received notifications from a number of large employers with their duty dates in the year 2012/13 of their intention to use NEST and agreed partnership arrangements with many of the existing private pension providers
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NEST welcomed four new members to the Corporate Trustee board and established the Member and Employer Advisory Panels
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NEST procured and integrated a sophisticated risk system from MSCI Barra International and developed an in-house modelling platform allowing us to constantly monitor and manage investment risks
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NEST began a partnership with The Co-operative Asset Management to support our engagement activities with the companies we invest in and the integration of governance, environmental and social factors into our investment approach.
Key highlights from the Scheme accounts include:
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an explanation of NEST's governance structure
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an investment report including insights on NEST's approach to managing risk and fund performance.
Lawrence Churchill CBE, chair of NEST Corporation, said:
'October 2012 promises to be the start of a watershed year, with the introduction of automatic enrolment and the rapid build-up of member numbers as the largest employers come on stream.'
'NEST has been designed from the ground up to meet the needs of automatic enrolment. Our volunteer programme earlier this year has seen NEST working with over a hundred employers to test our systems and processes.'
'Everyone deserves access to a low charge, high-quality pension scheme and we believe NEST fits the bill. Making and maintaining a contribution to a pension is an excellent way of securing an income in retirement, and automatic enrolment looks set to transform the later lives of millions of people in the UK.'
You can find both annual reports at
www.nestpensions.org.uk/schemeweb/NestWeb/public/aboutUs/contents/library.html
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