The first Nest member started saving in 2011. Their first contribution was £19. Today, around one in three workers saves with us and we manage more than £20 billion for them.
It’s clear we’ve grown up fast. But our commitment to giving employees like yours somewhere really good to save has never changed. As we celebrate 10 years, discover 10 improvements we’ve made that benefit your workers.
1. Adding value
Our team of award-winning investment experts have one job – to grow your employees’ money. They’re doing well. That first ever member contribution of £19 is now worth £46.22 – that’s a 143% increase.[1]
2. Aiming for bigger pensions in a better world
Well-run companies who look after their people and the planet are more likely to make money in the long term. That’s why we move your workers’ savings away from heavy polluters towards greener industries, and persuade businesses we invest in to treat their staff fairly.
3. We quit smoking
If we think an industry will struggle to make profits for your workers’ pots in the long term, we’ll take action. Last year we went tobacco-free one year ahead of schedule after concluding it’s a bad investment for our members.
4. Standing up for the planet
We don’t just want to secure your workers’ future, we want to secure everyone’s. As one of the first schemes to pledge to becoming net zero, Nest leads the way when it comes to helping create a more sustainable planet.
5. Protecting against scams
Pension scams cost savers around £4 billion a year. We’ve worked hard to keep your employees’ savings and data safe, and to create helpful material they can use to protect themselves.
6. Security and satisfaction
We’ve built systems and processes that safely handle over six million financial transactions each month. And we’re there when it matters – 93% of members transferring in, and 88% of members taking money out, are satisfied.[2]
7. Building online tools for tomorrow
Making it easy for your employees to manage their Nest pension is always a priority for us. That’s why we created a dashboard where they can check their balance, transfer in and update personal details in a few clicks.
8. Getting it right for later life
Taking money out of a pension pot can be confusing for workers – there’re lots of different options and lots of guidance on offer. We created our retirement hub to pull together everything they need to know.
9. Creating practical products
Pension freedoms introduced in 2015 allow workers more choice when accessing their pot. To give your eligible employees flexibility when taking their money out, we introduced the Nest Guided Retirement Fund.
10. Always there for your workers
During the coronavirus pandemic we made it easier for members to access their pot and make changes to their account. We did this by improving our evidence process and to keep things simple, the changes will stay in place.
[1] Figures are net and based on the 2040 Nest Retirement Date Fund. Cumulative up to June 2021.
[2] Source: member surveys, April and May 2021
