Today, NEST publishes its Annual Report and Accounts for 2010/11. This covers the period 1 April 2010 to 31 March 2011 and contains the financial statements for PADA's final three months, plus details of the governance framework adopted by NEST's Trustee Members.
Lawrence Churchill CBE, NEST Chair, says:
"NEST is an essential component of the Government's strategy to tackle the dual problems of increasing longevity and widespread under saving for retirement. I'm pleased to present NEST Corporation's first Annual Report and Accounts."
Tim Jones, NEST CEO, says:
"It's been a significant year for NEST which has seen us continue the design, build and test process. Throughout the year, we gained significant benefit from the expertise of the Trustee Members, under Lawrence Churchill CBE as Chair. NEST is working with a number of volunteer employers who will use the scheme during 2011, more than a year before employer duties begin, and I am pleased to say that work is going very well."
Against the backdrop of a change of government and the Government's Making Automatic Enrolment Work review, during 2010/11:
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NEST Corporation was created and staff, contracts, assets and liabilities were successfully transferred from PADA to NEST Corporation.
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We completed the procurement exercises for scheme administration services, fund administration services and much of the fund management required for the scheme.
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We signed a loan agreement with DWP to fund the setting up and operation of the scheme during its early years.
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We published our Statement of Investment Principles (SIP) and launched our investment approach.
Full copies of the report are available at:
http://www.nestpensions.org.uk/schemeweb/NestWeb/public/aboutUs/contents/library.html
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