This year, Nest’s average monthly contributions have reached £543 million for its members’ pensions, reflecting a major increase from last year’s £477m.
Nest manages £29.6 bn for 12 million members and 1.1 million employers. It also boasts an expansion with 6,900 new employers monthly and £14.7 bn, or 49.8% of investments, focused on sustainable investing.
Nest chief executive officer Helen Dean said: “Nest has grown from a standing start to become one of the largest pension schemes in the UK – we take care of pensions for a third of the UK’s working population and we’re forecast to have £100 billion assets under management by the end of the next decade.
“We have achieved this success by always taking decisions in the best interests of our members, with their long-term outcomes, as our utmost priority.
“During the year, we took the decision, alongside Atos BPS, to end the partnership which would have seen them become our future scheme administrator. However, the two years spent working together established strong foundations for the next chapter in our digital transformation.
“Our focus for the next 12-18 months is in developing an even greater purpose-led, customer centric organisation. We are ready to deliver what is needed for the pensions dashboard project, and are now developing an app for our members. With this they will be able to have Nest in their pocket and enjoy a truly tailored and personalised experience of their pension pot.
“In collaboration with our partners, including TCS, we will further evolve our role and services for our members. We deliver a great service now, and it’s going to get even better.”
Nest Corporation chair Brendan McCafferty added: “As households deal with inflation and the cost-of-living crisis, uncertainty and change have continued to affect the lives of UK citizens through 2022 and into 2023. Many are experiencing difficult choices between competing priorities. Knowing they are saving with us to secure their financial future in retirement can hopefully provide some comfort and peace of mind for our members when thinking about their future.
“At Nest, we care about how our work will shape the future for the pensions industry and, most importantly, for Scheme members. As Nest continues to grow, we remain singularly focused on our members’ best interests.”