DWP vacancies

Thu,11 January 2024
News Employment
The National Employment Savings Trust (Nest) - Board Members x 5
Application deadline 14 February 2024

DWP is seeking five Board members for Nest: three with investment skills; one with customer data skills; and one with risk management skills

The National Employment Savings Trust (Nest) is a workplace pension scheme designed around the needs of employers and workers to support automatic enrolment. Nest offers a high quality, easy to use way to save for retirement and is now the largest defined contribution pension scheme in terms of members. Nest currently has over 12 million individuals saving with over £30 billion in assets under management. 

Nest Corporation is the Trustee of the Nest Scheme and a Public Corporation based in London. Though Nest Corporation is independent from government, it is accountable to Parliament through the Department for Work and Pensions (DWP). This means that there are no shareholders or owners. The Scheme is run in the interests of its members and members are at the heart of Nest.

 

The Role of a Nest Board Member

Board Members will be expected to: 

  • Contribute to Nest’s Board meetings and discussions, drawing on their field of expertise;
  • Contribute to and review the strategic direction of the Corporation and the scheme; 
  • Oversee the performance of the Chief Executive and their team in delivering Nest’s functions efficiently and effectively;
  • Monitor the extent to which the Board is meeting its objectives and targets; 
  • Ensure effective reporting of the Board’s reporting of its activities to the Secretary of State in the annual report; 
  • Evaluate the effectiveness of Nest’s internal financial controls;
  • Act as a confidante and counsel to the Nest Chair, balancing a challenging approach with being supportive; 
  • Contribute through ad hoc involvement with the executive team on specific areas of interest/priority on behalf of the Board; 
  • Where appropriate, represent Nest with external stakeholders, and help it build relationships with key private and public sector players; and 
  • Contribute their own professional experience to guide the development of Nest in a way that is supportive, collegiate and adds value. 

 

Board Members may also be asked to Chair or participate in at least two committees of the Board, including:   

  • Audit Committee
  • Risk Committee
  • Investment Committee
  • Nominations and Remuneration Committee  

Information about these committees can be found at  

www.nestpensions.org.uk/schemeweb/nest/nestcorporation/who-runs-nest/trustee-members/trustee-committees.html

 

Join a Webinar to learn more

We want to reach a broad pool of candidates, and we know that some candidates may not be familiar with the process of applying to become a non-executive director or may not be familiar with the process with respect to an arm’s length body. Nest will therefore be hosting a webinar on 7 February 2024 at 4pm and invites all potential candidates to register and join to learn more about Nest, the Board, and what it means to be a Board member. There will be an opportunity to ask questions anonymously as well. The webinar will be available for replay on our website shortly after.

Register for the webinar here

If you require support to access the webinar, please contact Nest at: nestwebinars@onetwo.agency 

 

Essential Criteria

There are five available positions: three with investment skills; one with customer data skills; and one with risk management skills.

  • Alignment with Nest’s social purpose and values, including its commitment to equality, diversity, and inclusion.  
  • The ability to analyse and contribute at Board level to the resolution of strategic issues which have economic, social and/or political implications whilst working effectively with executives and non- executives.
  • An ability to proactively support and challenge the executive on achieving results, with a focus on performance against targets.  

Additional Criteria: Role Requiring Investment Skills  

  • Ability to provide oversight and challenge on investment issues in public and private markets and be familiar with oversight of a Financial Conduct Authority, The Pensions Regulator or similarly regulated entity; and
  • Implementation of an investment strategy, including associated investment performance; environmental, social and governance (ESG) risk factors, and investment risk management and governance. 

 

Additional Criteria: Role Requiring Customer Data Skills 

  • Experience of using customer analytics and market research data to understand customer trends and influence strategic decision-making;
  • Customer data expertise with a focus on customer centricity; and
  • Experience of operating in competitive financial retail services markets.

 

Additional Criteria: Role Requiring Risk Skills

Practical experience in supporting the implementation and operation of strategic level Enterprise Risk appetite and tolerance for an organisation including;

  • Experience in risk framework governance settings; and
  • Experience in financial services regulated environment with experience in three lines of defence risk models and risk frameworks.

 

Desirable Criteria

  • Pensions knowledge including broad understanding of institutional investing including member engagement, defined contribution investing, retirement products and strategies.
  • Awareness of key strategic themes shaping the pensions landscape.
  • A willingness to develop knowledge of the environment within which the public sector operates including a good understanding of parliament and what it means to be a public body at arm’s length to a central government department.

 

Location: Board meetings are held in person in London at Nest’s offices at 10 South Colonnade, Canary Wharf. Currently, a hybrid approach is generally taken for Committee meetings with attendance in person or via Teams. Although Board meetings are held in London, Nest welcomes applications from candidates who for reason of disability require an accommodation to attend via Teams.

Remuneration: Members with no additional duties; £25,717.50 per year. Members with additional Chair duties of a Nest committee; £29,527.50 per year.

 

Time Commitment: Members with no additional duties; 40.5 days per year. Members with additional Chair duties of a Nest committee; 46.5 days per year

Length of Term: Fixed term of between three and five years

 

The vacancy closes at 17:00 on 14/02/24.  For more information and to apply to this role please visit the link below.

Role details – Nest Board Members x 5 – Apply for a public appointment – GOV.UK apply-for-public-appointment.service.gov.uk