The Code sets out the 31 quality features that represent the standard of governance and administration that The Pensions Regulator (TPR) expects DC pension schemes to attain.

Chair of NEST, Lawrence Churchill said: ‘Building on our record, it’s vital that our customers and members understand that this isn’t a paper exercise for us and they can feel assured that everything we do is focused on our members’ interests.

‘NEST is dedicated to ensuring that the scheme is run in an open and transparent way and seeks to follow best practice and guidance on pensions and corporate governance, including the Pensions Regulator’s six principles for good workplace defined contribution schemes and the HM Treasury/ Cabinet Office code on corporate governance.

‘By publishing this statement now we hope our customers will be able to see that NEST has achieved the standards which our stakeholders, including TPR, expect.

‘In line with established plans for our reporting of governance matters we will report back with an independently audited report against the new AAF 02/07 framework in 2015.’

The full NEST statement is available here http://www.nestpensions.org.uk/schemeweb/NestWeb/includes/public/docs/Governance-statement-November-2014.pdf