Nest achieved positive returns, a growing membership, and rising member contributions in 2025/26, its annual report has revealed.

The pension scheme held total net assets of £62.9bn for 14 million members, including £13bn invested in the UK economy, at the end of March 2026.

During the year, Nest made a profit of £40.5m, which will be reinvested to strengthen the scheme’s financial sustainability.

Nest’s membership rose from 13.8 million in March 2025 to 14 million in March 2026, while new contributions for its members’ pots grew from £663m on average each month to £713m.

Over 500,000 employers use Nest as their pension scheme, with 98 per cent of those employers having fewer than 50 employees.

More than 10,000 new employers joined Nest, on average, each month in 2025/26.

The 2046 Nest Retirement Date Fund, designed for members expecting to retire in 2046 and used as a representative growth-phase fund, returned 13.5 per cent in 2025/26.

The default fund’s five-year rolling annualised investment return was 7.3 per cent, while its 10-year rolling annualised investment return was 8.5 per cent, net of Nest’s annual management charge.

“One in three of the UK’s working population has a pension pot with Nest, and that’s a responsibility we take very seriously,” said Nest chief executive officer, Ian Cornelius.

“I am proud of the progress we have made over the past year, evolving and strengthening the services we provide to both our members and employers.

“Behind the scenes we’ve been taking important steps to develop our retirement proposition, including plans to introduce flexi-access drawdown and create new solutions that give members greater certainty in later life.

“As the pensions landscape evolves, Nest will be at the forefront of progress, building a Scheme fit for the future, delivering for our members to and through retirement.”

Nest Corporation chair, Brendan McCafferty, added: “Over the past year Nest has continued to grow, deliver strong long-term returns and invest in the services our members and employers need for the future.

“Nest exists to help millions of everyday savers achieve better retirement outcomes. Our scale gives us access to investment opportunities that can support strong long-term returns while also contributing to the UK economy.

“We now have more than £13 billion of our members' savings are invested in UK assets, helping finance businesses, infrastructure and growth across the country.

“This year, our flagship fund delivered returns ahead of our long-term target, showing the value of a patient, diversified investment approach. We’ll continue to look for opportunities, including in private markets and UK assets, that can help deliver for members, now and into the future.”

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