The Department’s Enabling Retirement Savings Programme, which is responsible for delivering the workplace pension reforms has used internal and external expertise to ensure robust delivery of IT programmes, including regular contact with the Office of Government Commerce, about IT project management both in the public and private sectors over the course of the last year, the causes of project failure and the lessons that could be learned from previous Government IT projects.
The terms and conditions of the loan agreement between my Department and the NEST Corporation will not be finalised until after the NEST Corporation has been established.
Once finalised, I will make public the terms and conditions of the agreement, taking into account any areas that are considered to be commercially sensitive.
The period in which the loan to NEST Corporation will be repaid will ultimately depend on a variety of factors, including the final costs of NEST and the size and nature of its membership. We anticipate that the total loan period, including the years in which NEST borrows from Government and the subsequent repayments, will last in the region of 20 years.