Nest has told staff of an imminent restructure although it remains unclear whether the Government-backed scheme will make redundancies, Money Marketing can reveal.
Nest chief executive Tim Jones says changes are needed in the way the organisation operates as it transitions from a start-up enterprise.
He says: “Nest is evolving. That is inevitable as we move through the stages of automatic enrolment to steady state. It is also inevitable [there will be] changes to how we organise our work. We’re consulting staff about some proposed changes; it’s too early to say whether there will be redundancies as a result.”
Nest declined to provide further details about those affected or the period of the restructure.
The news comes as the scheme is about to enter its busiest period. Nest’s workload is expected to increase greatly over the next few years as the smallest employers start to auto-enrol staff. By February 2018, every UK employer will have to comply with the regulations.
Confirmation that the restrictions on Nest will be lifted by April 2017 could spur demand. Nest previously said it had lost business from employers as a result of the £4,600 contribution cap and ban on transfers.
Syndaxi Chartered Financial Planners managing director Robert Reid says: “To enter a restructuring programme at this stage, with the expected increase in work, makes you wonder if Nest has a proper strategic plan in place.”