Our story

The story so far – a timeline of pensions reform and NEST

December 2011: NEST announces a number of developments to help us deliver on our commitment to act as a responsible investor on behalf of our members. This includes signing the Financial Reporting Council's Stewardship Code.

November 2011: Our 'Employers' guide to automatic enrolment' is published. The guide sets out what organisations might need to consider ahead of their new duties and how NEST can help.

October 2011: NEST Corporation becomes a signatory to the UN-backed Principles for Responsible Investment (PRI), a framework for responsible investment.

October 2011: NEST announces that 25 employers are actively using the scheme with the number signed up approaching 100, including NEST Corporation itself.

September 2011: NEST announces appointees to the Employer Panel and Member Panel. The panels will provide a forum for employers and members to give their perspectives on NEST and contribute to a range of issues.

July 2011: NEST publishes Annual report and accounts.

June 2011: Retirement Panel providers are announced. NEST members will be able to choose to buy a retirement income product from the panel or shop around on the open market.

May 2011: NEST appoints Employer Panel and Member Panel Chairs.

May 2011: NEST responds to The Pensions Regulator discussion paper 'Enabling good member outcomes'.

April 2011: Fund managers for NEST's Ethical and Sharia mandates are announced. These will be the building blocks for the scheme's Ethical Fund and Sharia Fund.

March 2011: NEST sets out its investment approach.

February 2011: The fund managers for the first five mandates are appointed. These funds will provide the building blocks for NEST Retirement Date Funds.

January 2011: Results of initial research into the understanding of current pension terms amongst NEST's target audiences are published.

November 2010: NEST confirms 10-year scheme administration contract with TCS.

November 2010: NEST confirms 10-year fund administration contract with State Street Corporation.

November 2010: NEST sets its member charging level.

October 2010: 'Making automatic enrolment work' review confirms the key role of NEST.

October 2010: NEST wins an Institute of Payroll Professionals (IPP) Working in Partnership Award.

July 2010: PADA wound up and NEST Corporation established.

April 2010: Trustee Members Designate appointed.

March 2010: PADA completes the procurement process for scheme administration services, awarding the contract to Tata Consultancy Services (TCS).

March 2010: The Department for Work and Pensions (DWP) announces the proposed funding and charging structure for NEST.

March 2010: NEST's order and rules published.

March 2010: NEST Members Designate appointed.

January 2010: The Secretary of State appoints Lawrence Churchill Chair Designate of NEST Corporation.

January 2010: PADA announces NEST (National Employment Savings Trust) as the permanent name for the personal accounts scheme.

November 2009: PADA publishes a summary of responses to its investment strategy discussion paper

September 2009: DWP publishes its consultation on Employer Regulations (Pack 2) – part two of the detailed employer duties.

October 2009: DWP and PADA jointly publish a response to the scheme's draft order and rules consultation.

September 2009: DWP publishes the response document to Employer Regulations (Pack 1).

May 2009: PADA publishes summary of responses to its securing a retirement income consultation paper

May 2009: PADA publishes its investment strategy consultation paper.

April 2009: DWP and PADA jointly publish the consultation on the scheme’s draft order and rules.

March 2009: DWP publishes the consultation on Employer Regulations (Pack 1) – part one of the detailed employer duties.

January 2009: PADA starts its consultation process to generate recommendations to NEST Corporation on the investment approach for the personal accounts scheme. An event on socially responsible investment takes place.

January 2009: PADA starts the procurement process for scheme administration services.

December 2008: PADA publishes its consultation on members accessing their pension savings and securing a retirement income.

November 2008: Royal Assent of the Pensions Bill 2007 creates the Pensions Act 2008 which broadens PADA’s remit, giving it the powers to establish the infrastructure for the scheme.

July 2007: The Pensions Act 2007 becomes law and creates PADA.

June 2007: A further government response document confirms the shape of private pension reform.

December 2006: The White Paper 'Personal accounts: a new way to save', outlines how the Personal Accounts Delivery Authority (PADA) would be the organisation to first advise on and deliver the scheme, then known as personal accounts.

May 2006: The White Paper 'Security in retirement: towards a new pensions system' opens a public consultation. This examines State Pension reform including automatically enrolling people into pension schemes and employers making a contribution.

November 2005: The Pensions Commission publishes its second report which makes recommendations designed to tackle these challenges.

December 2004: The Pensions Commission publishes its first report which analyses the UK's pensions system and the challenges it faces.

December 2002: A pensions Green Paper establishes the Pensions Commission. This independent commission reviews the UK pensions system and makes recommendations on how things could be changed.