View more on these topics

Nest apologises after personal info blunder


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.



Nest ‘will never pay off’ rapidly rising DWP loan

Government-backed pension scheme Nest will never pay back its rapidly growing DWP loan, say auto-enrolment experts. Its annual report shows the loan has soared by 30 per cent to £387m, up from £300m 12 months ago. In addition, an annual DWP grant used to pay off the loan increased from £10.2m to £12.7m this year. […]

Otto Thoreson 700.jpg

Nest Govt loan soars 30% to £387m

Nest’s loan from the Department for Work and Pensions loan has soared by 30 per cent to £387m in just 12 months, its annual report shows. To the end of March 2015 the auto-enrolment scheme’s loan stood at £387m, up from £300m a year ago. A Nest spokeswoman says: “The loan covers set-up and operational […]

Helen Dean, Nest

Nest names new chief executive

Government-backed pension scheme Nest has appointed Helen Dean to replace Tim Jones as chief executive. Dean, currently Nest’s executive director of product and marking, will take over the role in the autumn. Dean was a civil servant for 30 years and joined Nest in 2014 after being seconded to the auto-enrolment provider from the Department […]

Otto Thoreson 700.jpg

Nest reveals its blueprint for pension freedoms

Nest has unveiled its “blueprint” for a retirement income strategy in the wake of pension freedoms based around three “building blocks”. In November Nest launched a wide-ranging consultation on how it should respond to the Government’s freedom and choice reforms. Its proposals for post-retirement portfolios centre on three strands: an income drawdown fund, a cash […]

 Article 50 Q&A: The negotiations to watch for 

Holly Cassell, Assistant Manager of the top-performing Neptune UK Mid Cap Fund, discusses the potential near-term impact of Article 50 and the Brexit negotiations that she believes investors should pay most attention to. Read article here Important information  Investment risks  Neptune funds may have a high historic volatility rating and past performance is not a […]


News and expert analysis straight to your inbox

Sign up


There is one comment at the moment, we would love to hear your opinion too.

  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?

Leave a comment