Projected pensioner numbers show that individuals are living longer, with the number of retired people expected to rise by more than a third by 2050.

The 2012 pension reforms introduced by the government were brought in to help more people to save for their retirement so they don’t have to rely soley on the state pension. It is now a legal requirement for employers to automatically enrol their eligible employees into a qualifying pension scheme and to make minimum pension contributions for them.

NEST was established to provide pensions for workers who have don’t already have access to a company pension scheme. Workers are eligible to be enrolled provided they are below state pension age and have sufficient earnings.

Deloitte was engaged by the Department of Work and Pensions in 2007 to provide support on a range of areas in relation to the establishment of NEST. Key areas of support provided include designing the benefit structure and legislative framework for NEST and development of both a channel and distribution strategy to bring NEST to the marketplace. Deloitte continues to work with NEST and is currently engaged to provide outsourced internal audit and advisory services, including provision of an Audit Opinion, in accordance with the Government Internal Audit Standards (GIAS). NEST successfully launched in July 2012, three months ahead of the introduction of the automatic enrolment duties and Deloitte remains the trusted business advisor. With over one million members, NEST is now firmly embedded as a feature of the UK pensions landscape.