Nest is launching a new ‘member assembly’ that will give its pension savers input into its future investment decisions.
This assembly will bring together a group of savers, representative of the wider members to discuss and make recommendations on key issues affecting their pensions. Initially this will specifically focus on Nest’s role as an active and responsible asset owner.
This first assembly will focus on three questions: the member values should guide how Nest invests; member views on how Nest exercises ownership rights on behalf of members; and how much information and involvement should members have on investment decisions.
The assembly which will run over two weekend sessions, has been designed with a Dr. Emmeline Cooper, ensuring a robust process, with oversight from an external advisory group of academics and practitioners.
Over these sessions, members will hear from independent experts, deliberate on complex topics, and develop recommendations for Nest’s leadership.
Nest is the UK’s largest workplace pension by number of members. It says this latest initiate underlines its commitment to transparency, accountability, and member engagement.
Nest chief executive Ian Cornelius says this move would see members given “a direct voice in decisions that affect their financial future”. He adds: “The Member Assembly is a bold step towards making pensions more democratic, inclusive, and responsive to the needs of our members.”
This builds on the existing member panel, run by Nest, which has been closely engaged with the setting up of this assembly.
Charles Pears, chair of the Nest members’ panel, and participant on the external advisory group, said: “The Assembly shows how seriously Nest takes the views of its savers.
“We are grateful for members taking time out of their busy lives to come together and share directly what really matters to them. Their willingness to explore complex issues in an informed and thoughtful way gives Nest valuable insight. Nest is strengthening the link between its investment decisions and the priorities of the people whose futures depend on Nest.”
The Assembly’s recommendations will support the panel’s ongoing work in championing member perspectives.