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Understanding your options

You’ll have a number of different options when the time comes to take your money out of NEST. This is a big decision so you should take some time to make sure you know what's right for you.

How and when do you want to take your money?

From age 55 you could:

  • Take some or all of your pot as cash
  • use all of your pot to buy a retirement income
  • take some as cash and use the rest to buy a retirement income
  • keep your money invested until you know what you want to do with it

The current options for taking your money out of NEST focus on making the most of relatively small pots. That’s because NEST is only a few years old, so our members haven’t been saving with us for very long. We’re now developing new options for how people with larger pots will be able to take their money out in the future.

Getting help

When you’re close to retirement you can get free, impartial guidance from Pension Wise. They can explain all your options, the decisions you’ll need to make and what tax or fees to look out for. All this can help prepare you for when you’re able to take your money at age 55.

If you’re over 50 you can book a phone appointment or arrange a face-to-face meeting by calling Pension Wise on 0800 138 3944 between 8am and 10pm, Monday to Sunday. You can also use this service if you’re able to access your pot early due to ill-health.  

You can find a range of useful information at any time on the Pension Wise website.

Other ways to get help

You may want more help making your retirement decisions. A financial adviser can offer recommendations on the types of retirement income or savings products that are suitable for you. They may charge you for any advice or services.

Beware of pension scams

You risk losing a lifetime of savings in an instant if you’re not wise to pension scams. If an offer to access or grow your money sounds too good to be true, it probably is. Once you’ve signed over your pot, you could lose it all and won’t be able to get it back.

How can you take your money out of NEST?

A graphic illustrating the different options at retirement

Our guide to your retirement options

When you’re getting close to your NEST retirement date we’ll send you our retirement guide and a letter outlining your personal options. You can take a look at the guide now for more about what you can do with your retirement pot.

Suffering serious ill health

If you have a medical condition that means you have less than a year to live you should be able to take all of your NEST pot as cash at any age, usually tax-free. You  may also be able to take your money out early if you’re incapable of work due to illness.

Telling us what you want to do

You can log into your account at any time to see what’s in your NEST pot. If you’re close to retirement, you can use our retirement tool to let us know what you want to do with your money. Or if you’re not ready to retire, you can put off your retirement date.