NEST

Interesting “Vampire Squids” (Don’t ask!) dinner on March 4th at The Bleeding Heart restaurant in London, The speaker was Otto Thoreson who is Chair of NEST among other roles. And it was very interesting indeed.

Initially, NEST could be described as the auto enrolment platform for employers no one else wanted and it is funded by the public purse. I recall doing some work where the NEST model was relevant and knew a few people there including one of the directors. My conclusion was that they were smart people but stood no chance  of making a profit. I also had some concerns about the technology out-sourcing partner they had selected. But they didn’t have much choice because it was the only firm that bid for it! However, not for the first time, and probably not the last time, I was wrong.

Otto told us that NEST expects to be profitable in the early 2030’s. He also told up that they now have around 9 million members and that number is growing very quickly. Premiums are now £500m per month. It’s a serious business and one wonders what the future might hols for a business that will have such a large foot print