Nest Corporation Board Member – Finance and Audit Skills

Closed
Body: Nest Corporation
Appointing Department: Department for Work and Pensions
Sectors: Business, Finance & Skills, Regulation
Location: London (Currently working remotely due to Covid 19 restrictions. This will be reviewed alongside changes in the restrictions)
Number of Vacancies: 1
Remuneration: £19,050 Per Annum
Time Requirements: Approximately 30 days commitment per year

Campaign Timeline

  • Competition Launched

    04/01/2021

  • Closed for Applications

    29/01/2021 at 17:00

  • Panel Sift

    TBC - Wednesday 10 February 2021

  • Final Interview Date

    TBC - Wednesday 24 March - Thursday 25 March

  • Announcement

    TBC

 

Assessment Panel

Vacancy Description

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 9.5 million individuals saving with it and it is currently looking after £14.5 billion on behalf of those members.

 Nest Corporation is the Trustee of the 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).

Nest Corporation is the Trustee of the Nest scheme. As a public corporation it is independent of government but accountable to Parliament through DWP.

 

About Nest Corporation

Nest’s Strategy

  • Nest’s strategic priorities

Nest currently has five strategic priorities which describe how it works towards its mission:

Support strong member outcomes

Nest will grow members’ assets sustainably and keep their data safe. Nest will deliver a targeted approach to increasing member engagement, including at retirement, while continuing to ensure that the right retirement options exist to meet their needs.

Deliver a good service to our customers

Nest will deliver a sustainable, high-quality service to all its customers – members, employers and intermediaries such as advisers and payroll providers.

Grow the business, in the right way

Nest will ensure that it has a broad customer base while also remaining fully focused on the needs of its target membership of people on a low to moderate income.

Deliver a sustainable business model

Nest will agree and implement a new approach to service delivery following the expiry of its current scheme administration contract. Nest will maintain a cost-efficient business model to ensure it can repay the loan from government.

Deliver a corporation fit for the future

Nest will develop the corporation to ensure it continues to have skilled and motivated employees, and strong standards of governance and management.

  • What makes Nest, Nest?

In addition to these, Nest has identified six guiding principles that define its member-focused approach and calls these principles the things that make Nest, Nest. They’re threaded into everything Nest does as an organisation.

Built around customers’ needs and behaviours

Nest will build and deliver a product based on research and an expert understanding of the needs and behaviours of its customers – members, employers and intermediaries such as payroll providers and advisers. Nest will use technology and best-in-class communication techniques to engage its customers in a timely, relevant and personal way.

 Excellence in investment practice

Nest will provide excellence in investment practice and governance. Nest designs and oversees expert investment strategies and invests responsibly and sustainably.

Low charges, and open to all employers

Nest uses its scale to keep charges to members as low as possible. Nest ensures the Nest scheme is available for any employer that wants to use it.

Not for profit

Nest aspires to operate as a not-for-profit business over the long term. Once its loan from government has been repaid, Nest’s aim is that any surpluses generated should be reinvested in the interests of its members.

A broader social purpose

Nest is here to help millions enjoy a better retirement. Its responsibility is to its members, but also to a broader population of mass-market savers including those already automatically enrolled as well as anyone who could benefit from saving for retirement but currently falls outside of auto enrolment legislation.

An organisation that lives its values

Nest shows the same level of care to its employees as it does to its customers. It champions the scheme’s values inside the organisation, making Nest a great place to work.

Further information on Nest and Nest’s strategy can be found on the Nest website: www.nestpensions.org.uk

 

The Role of Nest Board Members

Nest 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 her 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 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;
  • 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 participate in one of the sub-committees of the Board outlined below:

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

Information about these sub-committees can be found at

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

 

Person Specification

Essential Criteria

All Board Members will be asked to demonstrate top level:

  • Strategic skills, including an ability to analyse complex issues across sectors and industries, maintain independence of view and to guide and facilitate the resolution of complex debates;
  • Influencing and communication skills, including an ability to develop relationships quickly and sustain them when dealing with disparate views and agendas, communicating clearly and effectively to a wide range of audiences to gain engagement and buy-in;
  • Adaptability and pragmatism, including an ability to adapt quickly to changing circumstances and be comfortable with ambiguity and uncertainty;
  • Team working and collaboration skills, including strong focus, perceptiveness and sensitivity to people issues, having had senior level management experience, as well as proven experience working with other Trustees/non-executives, executives and external stakeholders to solve collective problems; and
  • Motivation, being pro-active and results orientated, including an energy, drive and resilience to continue to move forward to achieve planned goals, while ensuring everyone is on board. 
  • We are seeking to recruit an experienced Board Member with specific skills to support Nest’s Audit Committee. We are seeking an individual with:

 

Specific criteria for the Board Member role with Finance and Audit skills:

  • Recent and relevant financial experience, strong financial literacy and Consultative Committee of Accountancy Bodies (CCAB) qualification (or similar);
  • Experience working in internal or external audit; and
  • Working knowledge of audit committee practices, risk management frameworks and/or monitoring internal control processes.

 

Desirable skills (not essential):

  • Knowledge and experience of public procurement/contract law;
  • Awareness of fiduciary duties;
  • Customer focus and service knowledge and experience;
  • Diversity issues, use of reward and incentives, succession planning; and
  • Willingness to develop knowledge of the environment within which the public sector operates including a good understanding of the role and working of parliament. As we have set out above, we welcome and encourage applications from a diverse range of candidates. Prior non-executive experience is absolutely not essential for this role; however, you must have a clear understanding of the role of the Board and have operated at a strategic level.

 

Attachments
Personal Information Form (NEST Finance Audit Board Member)
Diversity Form (NEST Finance Audit Board Member)
NEST Board Member - Finance_Audit Candidate Pack 2021 - Final
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