Corporate Adviser
  • Content Hubs
  • Magazine
  • Alerts
  • Events
  • Video
    • Master Trust Conference 2024 videos
  • Research & Guides
  • About
  • Contact
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG
No Result
View All Result
Corporate Adviser
No Result
View All Result

Nest overstates its performance by 0.3 per cent

by John Greenwood
February 20, 2019
Share on FacebookShare on TwitterShare on LinkedInShare on Pinterest

Nest has unintentionally been overstating its annualised investment performance by 0.3 per cent, presenting returns as net when they should have been presented as gross.

The error, which the provider has recently identified, relates to documents targeted to financial advisers and employee benefits consultants, but has not impacted communications to members.

Nest’s fund factsheet with data to end of September 2018 reported the since-inception annualised total net performance of its 2040 Retirement Date Fund at 9.9 per cent when the net figure was instead around 9.6 per cent. Nest says the figure is still above the fund’s objective over this period of 5.0 per cent. Its five-year annualised  performance for younger savers to Q3 2018 is 10.5 per cent and not 10.8 per cent, just ahead of the Corporate Adviser Pensions Average (CAPA) of 10.1 per cent.

Nest says it has put in place stronger controls to ensure performance data is correctly labelled and cross-checked against unit prices. It has also placed explanations about the error on the Nest website and updated and corrected its factsheets.

Nest director of investment development and delivery Paul Todd says: “We recognise this error falls below our high standards and we’re clearly disappointed it happened. We’ve already enhanced our controls to ensure something like this doesn’t happen again.

“We can confirm this error has had no impact on members’ savings, or on the information they have received via their annual benefit statements or online accounts.”

 

VIDEO FROM ROYAL LONDON


Find out more about how to support the switching of a workplace pension

Corporate Adviser Special Report

REQUEST YOUR COPY

Most Popular

  • HMRC research raises spectre of Budget cuts to salary sacrifice

  • NatWest Cushon spells out path to £25bn

  • Isio appoints Secondsight MD as client experience director

  • Govt gives green light on bulk transfers to ‘mega funds’ as part of widespread pension reforms

  • Consultants escape regulation but providers face new disclosure hurdles: Pension Investment Review

  • Smart Pension to invest 15pc of default into private markets

Corporate Adviser

© 2017-2024 Definite Article Media Limited. Design by 71 Media Limited.

  • About
  • Advertise
  • Privacy policy
  • T&Cs
  • Contact

Follow Us

X
No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

No Result
View All Result
  • Home
  • News
  • In Depth
  • Profile
  • Pensions
    • Auto-enrolment
    • DB
    • DC
    • Defaults
    • Investment
    • Master Trusts
    • Sipps & SSAS
    • Taxation
  • Group Risk
    • Group Life
    • Group IP
    • Group CIC
    • Mental Health
    • Rehab
    • Wellbeing
  • Healthcare
    • Musculoskeletal
    • Mental Health
    • IPT
    • Wellbeing
    • Trusts
    • Cash Plans
  • Wellbeing
    • Mental Health
    • Health & Wellbeing
    • Financial resilience
  • ESG

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.