Take your money out

When to take your money out

Many people don't realise that they have a choice about when to take their money out of their workplace pension scheme.

A lot of people take their money out at State Pension age because this is the earliest age you can claim your State Pension.

With NEST you can generally take your money out at any time from your 55th birthday. However, you must take it before you reach age 75.

If you suffer serious ill health you may be able to take your money out earlier.

Why take your money out later?

Many people tend to think about taking their money out earlier rather than later, but paying in for longer may also have its advantages. You'll have more time to build up your NEST retirement pot. If you choose to delay taking your State Pension, you may get more from the government.

Let NEST know your plans

Throughout your working life, NEST invests your money aiming to help it grow and beat inflation.

As you get closer to the date we expect you to take your money out, the way your money is invested will change so it's ready for you to get hold of when the time comes.

We can make sure your money is being invested to fit with your expected retirement date if you tell us when you plan to take your money out of NEST.

The easiest way to let us know is by logging in. You can also call us or write to us.

Help on deciding when to retire

Different people have different State Pension ages. It depends on the year you were born and your gender. If you've already logged in, you can use our Pension Calculator. This lets you see the difference it will make to your retirement income if you take your money out earlier or later.

In future, you'll be able to use the Retirement Tool when you're within six months of taking your money out of NEST. This will allow you to search for a retirement income from our panel of providers or choose another option.