The National Employment Savings Trust remained within its budget for 2010/11, according to its annual report published this week.

The scheme spent £30.8m which was down from £34.5m in 2009/10.  This included staff costs of £15.2m.

This figure was due to key parts of the scheme not being fully completed by the end of the financial year. Therefore next year’s expenditure is expected to be higher to meet these demands.

It also received £78m in government funding which meant that the total amount of debt now owed to Department of Work and Pensions is £120m.

Objectives for 2011 include ensuring Nest is available for employers to use, bringing in sufficient members for Nest to be financially self-sufficient and successfully accepting volunteer employers.

Tim Jones, chief executive and accounting officer for Nest, said:

“It’s been a significant year for Nest which has seen us continue the design, build and test process. Throughout the year we gained significant benefit from the expertise of the Trustee members, under Lawrence Churchill as chairman.

He said: “Nest is working with a number of volunteer employers who will use the scheme during 2011, more than a year before employer duties begin, and I am pleased to say that work is going very well.”