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Policy and procedures

Nest Corporation sets out various policies and plans designed to keep key stakeholders, including members and employers using Nest, informed of current and planned activity.

Corporate responsibility and corporate governance

Corporate governance focuses on the way an organisation is run. It provides the structure and control that an organisation uses to set out its goals and monitor its performance.

See our corporate governance statement (PDF)

Corporate responsibility is about ensuring that Nest acts in a way that has a positive impact on its customers, workers and the wider community. Nest Corporation is committed to mapping our impact and reporting on how we're carrying out our responsibilities.

See our corporate responsibility statement (PDF)

Modern slavery statement

The Modern Slavery Act came into force in October 2015. The Act puts an obligation on commercial organisations with a turnover in excess of £36 million to publish an annual statement. That statement must outline the steps taken in the previous financial year to ensure slavery and human trafficking isn’t taking place within the organisation or its supply chain.

Nest Corporation doesn’t condone any form of modern slavery or human trafficking. Since 2016 Nest has issued an annual modern slavery and human trafficking statement, in the interest of public transparency.

Women in Finance Charter

Nest’s Women in Finance target was 30% women in Director roles by Autumn 2019. Not only did we meet this target in September 2019, we've achieved more than that - 43% of our Directors are women.

Following this year’s performance we've decided to increase our target to 50%, recognising that gender parity is the aim. This is also reflective of the UK’s working age population and the profile of our members.

Our Chief Executive Officer, Helen Dean is female but we recognise that there's still more work to be done at the executive committee (ExCo) level running Nest, along with a gender pay gap.

We'll continue to:
• implement our Diversity & Inclusion (D&I) Strategy and deliver against our action plan
• support our ExCo to be champions and ambassadors for D&I
• include D&I measures in our key performance indicators (KPIs), including gender balance targets
• provide regular reporting to our ExCo and Board on the diversity KPIs
• look at recognised differences and the relationship between gender and other protected characteristics such as
   ethnicity, disability and sexual orientation
• work with our partners, suppliers and sector to improve diversity and facilitate improvements in gender balance.

Women in Finance Charter

Nest’s gender pay report

In 2017 UK legislation required all organisations with more than 250 members of staff to publish their gender pay gap on 31 March 2018. While we were not required to, we still elected to publish our gender pay report externally. This is part of Nest’s ongoing commitment to transparency and openness. 

Details of Nest’s 2019 hourly and bonus gender pay gap can be found in the table below.

You can read the full report here.

  Mean Median
Hourly Pay 18.8% 14.3%
Bonus received 21.2% 18%

 

Nest’s corporate plan

Our corporate plan outlines the key priorities and objectives of Nest in the coming years. It’s reviewed regularly to keep track of what we need to do to achieve our vision of helping millions enjoy a better retirement.

Corporate plan 2020-2023 (PDF)
Corporate plan 2019-2022 (PDF)
Corporate plan 2018-2021 (PDF)
Corporate plan 2016-2019 (PDF)
Corporate plan 2014-2017 (PDF)
Corporate plan 2013-2016 (PDF)
Corporate plan 2012-2015 (PDF)
Corporate plan 2011-2014 (PDF)
Corporate plan 2010-2013 (PDF)

Nest’s terms of reference

The terms of reference outline the responsibilities of the Board Members of Nest and Board Committees that set policies for the scheme.

Nest Corporation governing body terms of reference (PDF) – This sets out the role and responsibilities of the Trustee and its general powers and duties.

Board Member code of conduct (PDF) – Our Board Members are expected to uphold appropriate ethical behaviour, as outlined in this document.

Terms of reference for our Board Committees - These documents set out the responsibility and structure for each of our specialist committees.

Employers’ Panel terms of reference (PDF) - Members of our panel are expected to uphold appropriate ethical behaviour, as outlined in this document.

Members’ Panel terms of reference (PDF) - Members of our panel are expected to uphold appropriate ethical behaviour, as outlined in this document.

Last updated: 11/20

The Trustee

Nest Corporation is the Trustee of Nest, comprised of up to 15 Board Members. They set the strategic direction and objectives of Nest.

Executive team

Day-to-day management of Nest Corporation is delegated by the Board to the executive team.

Employers’ and Members’ Panel

The panels provide a forum for employers and members to give their perspectives on Nest, key issues and activities. By raising concerns at a Board level, they make sure Nest takes their views into account.

How Nest is run

As a public body we have no owners or shareholders. This means we’re free to run the scheme in the interests of our members.