The assessment aims to help master trusts demonstrate that they meet certain standards of administration and governance, to help employers identify good quality schemes when choosing a scheme for auto enrolment and to build confidence in pension saving.
The independent review, known as the ‘master trust assurance framework’, was developed by the ICAEW (Institute of Chartered Accountants in England and Wales) in association with The Pensions Regulator.
Commenting, NEST chair of trustees Otto Thoresen said:
‘This report forms part of a suite of governance assurance measures we've taken since the scheme was established to demonstrate that NEST is a great quality scheme.
‘Auto enrolment is bringing millions of people into workplace pension saving, many for the first time. It’s important to build confidence in pensions for this new generation of savers. NEST has a vital role to play and takes governance extremely seriously.
‘It’s important for our customers and members to understand that we have undertaken this work thoroughly and in accordance with best practice. I’m delighted that NEST has been given such a clean bill of health.’
The report outlines the controls NEST has in place as at 31 July 2015. It focuses on:
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The structure of NEST’s internal governance and reporting mechanisms – how we make sure that we are doing the right things for our members, at the right time.
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The stability of NEST’s operations – how we manage growth in volumes of our members and employers without impacting the quality of service we deliver.
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Managing our relationship with outsourced providers – how our outsourced business model enables us to manage risk and provide excellent levels of service at a fixed price for our members.
The Pensions Regulator’s list of assured master trusts will be just one of the places that NEST is recognised as being a quality scheme in the auto enrolment market. Other independent assessments NEST already has, include:
Pension Quality Mark READY – we’ve been independently assessed by the National Association of Pension Funds (NAPF) and meet their quality standards on good scheme governance, low charges and clear member communications.
4 Star Defaqto Rating - NEST has been awarded a 4 Star Rating in the auto enrolment pension category from leading independent financial research company, Defaqto, demonstrating that NEST provides a high quality offering in the auto enrolment market.
Award-winning scheme - we've won multiple awards as a pension provider. This year awards include Multi-employer DC Provider of the Year (Pension and Investment Providers Awards, 2015) and Pension Scheme of the Year (Financial News, 2015).
Award-winning investments - NEST’s investment approach has won multiple awards for its high-quality and innovative approach to looking after members’ money. This year we were the winner of Chief Investment Officer’s Best DC fund (European Innovation Awards, 2015) and we’ve also won Best Industry-wide Pension Fund (IPE Awards, 2014), Diversification Award (IPE Awards, 2014) and Best DC Investment Initiative (Engaged Investor Trustee Awards, 2013).
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