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Nest apologises after personal info blunder

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Government-backed pension scheme Nest has had to apologise after emailing members’ personal information to the wrong employers.

The auto-enrolment provider sent 86 scheme members’ names, dates of birth and National Insurance numbers to companies they were unconnected to.

Nest chief executive Tim Jones says: “While we aim to have zero administration errors they do occasionally occur and we take them seriously.

“We are sorry that some of our members were affected. We are writing to them to apologise and explain what’s happened. Managing a scheme of our scale involves thousands of transactions on a daily basis and our systems have generally coped well but where issues do arise we investigate them thoroughly.

“This issue affected a small number of people. We have both established and remedied the cause of this incident.”

In 2013 Nest launched a review of its systems and processes after being hit by a £1.4m fraud in 2012.

The fraud related to a payment to a supplier that was redirected but members’ pots were not affected directly.

Jones waived his bonus payment as a result.

Nest published its annual report in July. It showed the scheme’s loan from the Department for Work and Pensions loan soared by 30 per cent to £387m in just 12 months.

Nest’s income from member contributions and annual management charges nearly trebled as the scheme took on 9,000 new employers and around one million members.

It received £5.9m in the year to April 2015, compared to £1.9m in 2013/14.

Outgoing chief executive Tim Jones was paid a total of £250,000 in 2014/15, including a £20,000 bonus. The previous year he earned £315,000 including an £81,000 “contractual terminal” bonus.

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Comments

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  1. Julian Stevens 31st July 2015 at 3:53 pm

    So not only is NEST finding that it cannot, as it firmly believed, operate any more cost-effectively than private sector providers but it’s admin. appears to be just as vulnerable to the occasional foul up AND it got ripped off to the tune of £1.4m. What’s that bozo Tim Jones grinning about?

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