Nest scheme given thumbs up by ICAEW

Nest scheme given thumbs up by ICAEW

Nest, the pension scheme established by the government, has become the latest occupational DC master trust to obtain independent assurance.

The voluntary assurance framework was developed by the Institute of Chartered Accountants of England and Wales in association with The Pensions Regulator.

The assessment aims to help master trusts demonstrate they meet certain standards of administration and governance to help employers identify good quality schemes when choosing a scheme for auto-enrolment.

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Otto Thoresen, chairman of Nest, said: “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.”

Nest will also be added by TPR to a list of master trust pension schemes, open to employers of all sizes, which have been independently reviewed to help to demonstrate they are administered to a high standard.

Regulator view

Andrew Warwick-Thompson, executive director at The Pensions Regulator, said: “Master trust assurance provides employers with the confidence to choose a master trust that is being operated to a high standard and that can evidence the presence of the quality features we expect to see in a well-run scheme.

“We continue to strongly encourage and support all master trusts to adopt the voluntary assurance framework.”