Nest is a great UK success story. Established in 2010, Nest is a critical pillar of the Government’s automatic enrolment programme, with a public service obligation (PSO) to accept any employer wishing to use the scheme to discharge their automatic enrolment duties. From a standing start, we have delivered a high quality, low cost pension scheme open to all, which has not only delivered on its mission, but has also helped to drive up standards and best practice across the industry. Now with over 12 million members and well over half a million participating employers, Nest is playing a critical role in helping people save for their retirement - many of them low to moderate earners who may be saving for the first time, and moving jobs frequently. Nest now occupies an important place in the pensions market and will deliver high quality pensions to mass market consumers for many years to come, leveraging its scale to deliver value through the combination of low costs, market leading investment solutions and modernised services all overseen by strong Trustee governance.