Nest has become the fourth scheme to receive independent master trust assurance accreditation under the master trust assurance framework developed by the Institute of Chartered Accountants in England and Wales in association with The Pensions Regulator.
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.
Nest’s assessment was carried out by KPMG. The report outlines the controls Nest has in place as at 31 July 2015, focusing on governance, stability of operations and relationships with outsourced providers.
Nest chair of trustees Otto Thoresen says: “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.”