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Despite NEST cutting its net expenditure by nearly £10.5m in the 12 months to the end of March 2018, the government-backed pension scheme was still carrying a black hole of £76.5m.

The amount they owe to the Department for Work & Pensions – by way of a loan – increased from £539m to £623m.

This has raised some interesting questions within the industry in terms of how, and when, they are going to repay to the taxpayer this very substantial amount of money.