Nest Corporation (Nest) - Board Members
- Body
- Nest Corporation (Nest)
- Appointing Department
- Department for Work and Pensions
- Sector
- Regulation
- Location
- London
- Skills required
- Regulation
- Number of Vacancies
- 3
- Remuneration
- £19,050 per year
- Time Requirements
- Approximately 30 days per year and consists of approximately 10 board meetings/strategy days
Campaign Timeline
-
Competition Launched
21/11/2022
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Closed for Applications
16/12/2022 at 17:00
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Panel Sift
W/C 23/01/23 TBC
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Final Interview Date
W/C 27/02/23 TBC
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Announcement
TBC
Assessment Panel
- Panel Member
- Jenan Hasan
- Added
- 21/11/2022
- Panel Role
- Panel Chair
- Positions
- Joint Head of Arm’s-Length Bodies Partnerships, DWP Departmental Official
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- Panel Member
- Brendan McCafferty
- Added
- 21/11/2022
- Positions
- Chair of Nest Corporation Representative of Organisation
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- Panel Member
- Rosie Varley
- Added
- 21/11/2022
- Positions
- Public Appointments Assessor for the Office of the Commissioner for Public Appointments Independent Member
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Vacancy Description
The National Employment Savings Trust (Nest) is a workplace pension scheme designed around the needs of employers and workers to support automatic enrolment. Nest offers a high quality, easy to use way to save for retirement and is now the largest defined contribution pension scheme in terms of members. Nest currently has 11.4 million individuals saving with £27.4 billion in assets under management.
Nest Corporation is the Trustee of the scheme and a Public Corporation based in London. Though Nest Corporation is independent from government, it is accountable to Parliament through the Department for Work and Pensions (DWP).
Nest’s Strategy
Nest’s strategic priorities
Nest currently has five strategic priorities which describe how it works towards its mission:
Support strong member outcomes
Nest will grow members’ assets sustainably and keep their data safe. Nest will deliver a targeted approach to increasing member engagement, including at retirement, while continuing to ensure that the right retirement options exist to meet their needs.
Deliver a good service to our customers
Nest will deliver a sustainable, high-quality service to all its customers – members, employers and intermediaries such as advisers and payroll providers.
Grow the business, in the right way
Nest will ensure that it has a broad customer base while also remaining fully focused on the needs of its target membership of people on a low to moderate income.
Deliver a sustainable business model
Nest will agree and implement a new approach to service delivery following the expiry of its current scheme administration contract. Nest will maintain a cost-efficient business model to ensure it can repay the loan from government.
Deliver a corporation fit for the future
Nest will develop the corporation to ensure it continues to have skilled and motivated employees, and strong standards of governance and management.
- What makes Nest, Nest?
In addition to these, Nest has identified six guiding principles that define its member-focused approach and calls these principles ‘the things that make Nest, Nest’. They’re threaded into everything Nest does as an organisation.
Built around customers’ needs and behaviours
Nest will build and deliver a product based on research and an expert understanding of the needs and behaviours of its customers – members, employers and intermediaries such as payroll providers and advisers. Nest will use technology and best-in-class communication techniques to engage its customers in a timely, relevant and personal way.
Excellence in investment practice
Nest will provide excellence in investment practice and governance. Nest designs and oversees expert investment strategies and invests responsibly and sustainably.
Low charges, and open to all employers
Nest uses its scale to keep charges to members as low as possible. Nest ensures the Nest scheme is available for any employer that wants to use it.
Not for profit
Nest aspires to operate as a not-for-profit business over the long term. Once its loan from government has been repaid, Nest’s aim is that any surpluses generated should be reinvested in the interests of its members.
A broader social purpose
Nest is here to help millions enjoy a better retirement. Its responsibility is to its members, but also to a broader population of mass-market savers including those already automatically enrolled as well as anyone who could benefit from saving for retirement but currently falls outside of auto enrolment legislation.
An organisation that lives its values
Nest shows the same level of care to its employees as it does to its customers. It champions the scheme’s values inside the organisation, making Nest a great place to work.
Further information on Nest and Nest’s strategy can be found on the Nest website: www.nestpensions.org.uk
Nest Corporation subscribes to high standards of corporate governance in order to serve the best interests of scheme members and to fulfil its obligations as a public corporation. The Nest Corporation Governing Body (NCGB or Board) is responsible for governing Nest Corporation, which includes setting the strategic direction and establishing the vision, mission and values. The Board is also responsible for overseeing the implementation of the strategy and the day-to-day operation of Nest, holding the Chief Executive Officer and Executive to account and providing support and challenge as appropriate.
The Board must take decisions drawing on two key sources of power: The Pensions Act 2008, which sets out its functions and powers as a Body Corporate and the Scheme Order and Rules, which sets out its powers as a Trustee. When taking a decision, we must be clear that we have the power to do so and the source of that power.
Nest Board Members work closely with the Executive Team. The Chief Executive Officer (CEO) has responsibility for the day-to-day operations and management of both Nest Corporation and the Nest pension scheme. Nest Corporation’s Trustee Members exercise powers but delegate a broad authorisation to the CEO to ensure the efficient and effective day-to-day operation of Nest Corporation. The Board has also established four Committees to provide effective oversight and assurance: Audit Committee, Risk Committee, Investment Committee, and the Nominations and Remuneration Committee.
Nest Board must have between nine and fifteen Trustee Members as set out in the Pensions Act. All Board Members are appointed by the Secretary of State for Work and Pensions. These appointments are regulated by the Commissioner for Public Appointments.
The Board meets around nine times a year and currently comprises the Chair and ten Board Members, two of whom (the CEO and Chief Financial Officer, have Executive responsibilities). The Board ensures that effective arrangements are in place to provide assurance on risk management, governance and internal control.
Against the backdrop of the impact of the global Covid-19 pandemic, new developments in the pensions’ environment, and the implementation of the next phase of Nest’s strategy, the new Chair will play a fundamental role within Nest’s governance framework, providing effective Board leadership and overseeing and leading Nest and the Board through the next phase of its evolution.
The Role of Nest Board Members
Board Members will be expected to:
- Contribute to Nest’s Board meetings and discussions, drawing on their field of expertise;
- Contribute to and review the strategic direction of the Corporation and the scheme;
- Oversee the performance of the Chief Executive and her team in delivering Nest’s functions efficiently and effectively;
- Monitor the extent to which the Board is meeting its objectives and targets;
- Ensure effective reporting of the Board’s reporting of its activities to the Secretary of State in the annual report;
- Evaluate the effectiveness of the Nest’s internal financial controls;
- Act as a confidante and counsel to the Nest Chair, balancing a challenging approach with being supportive;
- Contribute through ad hoc involvement with the executive team on specific areas of interest/priority on behalf of the Board;
- Where appropriate, represent Nest with external stakeholders, and help it build relationships with key private and public sector players; and
- Contribute their own professional experience to guide the development of Nest in a way that is supportive, collegiate and adds value.
Board Members may also be asked to Chair or participate in one of the subcommittees of the Board, including:
Information about these sub-committees can be found at
Person Specification
Essential Criteria
We are currently recruiting for Two Generalist Board members and an Investment Specialist Board Member. We welcome and encourage applications from a diverse range of candidates. Prior non-executive experience is absolutely not essential for these roles. However, you must have a clear understanding of the role of the board and have operated at a strategic level.
All candidates will be asked to demonstrate:
- Alignment with Nest’s social purpose and values, including its commitment to diversity.
- The ability to contribute effectively to Board activity, including working together with executives and other non-executives to solve collective problems.
- The ability to analyse and contribute to the resolution of strategic issues which have economic, social and/or political implications while bringing to bear skills, knowledge, and experience, maintaining an independent view.
- An ability to proactively support and challenge the executive on achieving results, with a focus on performance against targets.
Additional Criteria: Role Requiring Investment Skills
In addition to the Essential Criteria above, candidates applying for the role requiring Investment Specialist will be asked to demonstrate the following:
- Extensive experience in either asset management, institutional asset ownership, or investment / actuarial consultancy including the following;
- ability to provide oversight and challenge on investment issues in public and private markets and be familiar with oversight of an FCA or similarly regulated entity;
- implementation of an investment strategy, including associated investment performance; environmental, social and governance (ESG) risk factors, and investment risk management.
Desirable Criteria
It is desirable for candidates to have ability in one or more of the following areas:
- Broad understanding of institutional investing.
- Pensions knowledge, including member engagement, defined contribution investing, retirement products and strategies.
- Customer insights based on data
- A willingness to develop knowledge of the environment within which the public sector operates including a good understanding of parliament and what it means to be a public body at arm’s length to a central government department.
Additional Information
Our Webinar
On 29th November we hosted a Webinar to reach a broad pool of candidates, and we know that some candidates may not be familiar with the process of applying to become a non-executive director or may not be familiar with the process with respect to an arm’s length body. The webinar is available for replay on the link below, please click and scroll down.