Nest publishes first of its kind Member Assembly report for UK pensions

Nest has today published the report of its Member Assembly, a first for the UK pensions system, bringing members’ views directly into the conversation about the decisions that shape their financial futures.

The publication comes at a time of significant change across the UK pensions landscape. As schemes grow in scale and investment decisions become more complex, Nest convened the Assembly to help ensure members’ needs, preferences and values remain central to the decisions that shape their financial futures.

The Assembly brought together a diverse group of Nest members, reflecting the breadth of the scheme’s membership, to consider key questions about investment priorities, stewardship and member involvement. Their recommendations were informed by expert presentations and grounded in participants’ lived experiences and values.

The Assembly’s recommendations can be summarised into two clear themes: investing for long-term member and wider social benefit, giving members a stronger voice in decisions about their pension.

1. Investing for long-term financial and social value. Members wanted Nest to pursue strong returns while also backing investments that create wider benefits for society and the economy. Examples include investing more in the UK, supporting infrastructure and affordable housing, backing clean energy and nature-positive initiatives, and using ownership rights to push companies to improve on issues such as pay, human rights, and responsible business practice.
2. Giving members a stronger voice in decision-making. A major message from the Assembly was that members want a more meaningful role in shaping how Nest listens and responds. Examples include holding future member assemblies, reconvening the Assembly to review progress, and exploring a Member Council linked to the Nest board. Members also set out principles for good participation, including transparency, accountability, diversity, accessibility, and impact.

One anonymised participant reflected on the experience:

“Before the Assembly I never considered my pension to be part of such a big picture. And now I would urge everyone to look at theirs because I now understand how important it is and what a great impact it can have.”

Ian Cornelius, CEO of Nest, said:

“This report marks an important moment for Nest and for our wider conversation with members about the future of pension saving. What comes through clearly in this report is that members want their pension savings to work hard for their future, but they also want to understand more about how decisions are made and how their voices can be heard.

“We are extremely grateful to everyone who took part for the time, thought and care they brought to this process, from the organisers, the expert advisers, and particularly the members themselves. These recommendations will make an important contribution to our thinking as we continue to focus on delivering in our members’ best interests.

“Our members’ feedback and enthusiasm for engagement will inspire us to further focus on building our members’ understanding of their pension and the choices available to them.”

Nest hopes the publication will contribute to wider discussion across the pensions system about how schemes can incorporate members’ voices more systematically and thoughtfully into governance and investment decision-making.

Later this year, Nest will publish a written response addressing each recommendation in the report, explaining clearly and transparently the decisions it takes and the reasoning behind them.