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My retirement pot

How can I take my money out of NEST?

You’ll be able to take your money out from the age of 55. From age 55 you could:

  • take all of your pot as cash
  • take part of your pot as cash while continuing to save with NEST
  • use all of your pot to buy a retirement income
  • take some as cash and use the rest to buy a retirement income with another scheme
  • keep your money invested until you know what you want to do with it.

You can also choose to transfer your money out of NEST at anytime. You can transfer your money to another registered pension scheme or a qualifying recognised overseas pension scheme also known as QROPS.

You’ll need to have stopped making contributions into your NEST retirement pot before you can transfer your money to other pension schemes.

For more information please see How can I transfer money out of NEST?

We understand that you might need some help choosing which option is best for you. For more information please see Taking your money out of NEST (PDF). When you’re close to retirement you can also 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 the age of 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 to 10pm, seven days a week. You can also use this service if you’re able to access your pot early due to serious ill-health.

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

When you’re ready to start the process, log in to your NEST account and click ‘Take your money out’ on your NEST home page. This will take you to the retirement tool in your online account.

You’ll be able to see some of the details we hold for you on your account such as your name, address and NI number. Please check if these details are correct on your account before continuing with taking your money out.

To begin, you’ll need to confirm Yes or No to the statement underneath your details. We’ll need to know if the total value of all your pension pots including NEST, exceed the standard lifetime allowance of £1,030,000. If you confirm Yes please follow the instructions and contact us by phone.

If you select No a list of options will appear below. You can choose which option is best for you by clicking on the arrow next to each option.

If you’d like to see the options available for taking your money out click ‘Your options for taking money out’. Follow the instructions and select one of the options to take your money out of NEST.

You’ll also need to provide your bank details so that we can pay your money directly to your chosen bank account. We may use a third party to verify your bank account details before we pay out your retirement claim.

We can’t pay any retirement claims by cheque. Once you’ve completed the information needed and provided your bank details, you’ll need to make sure you click ‘Done’ to save your details.

If you’re taking all of your pot as cash or using your pot to buy a retirement income you’ll need to select a ‘processing date’. This is the date when we’ll start processing your retirement request. We’ll let you know if we’re expecting any future contributions from your employer. You can either choose to wait for us to receive the pending contributions or you can choose to proceed with the request.

The last page will confirm that you’ve submitted your request to take money out of NEST. You’ll also be able to see what you need to do next.

To take your money out of NEST, you’ll need to send us some proof of identification by post. We won’t be able to accept photocopies by email. This helps us to keep your details and your money safe.

To see more information on sending documents to NEST please see Why do I need to provide evidence to update my details and what evidence do you accept?

If the documents you send are not correctly certified, we can’t complete your request to take your money out and your paperwork will be sent back to you.

It may take longer for us to complete your request if additional evidence is required or the information sent by you is incorrect or incomplete.

Get help with using NEST

Our web chat agents will answer your questions and guide you through setting up and managing NEST.

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