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How do I make contributions as a self-employed member?

Key points:

  • You can contribute as a self-employed member at any time through your online account.
  • You’ll need to have a UK registered bank account to make payment by Direct Debit or debit card.
  • You can set up a regular payment or make a one off payment. The minimum amount you can contribute is £10.
  • For more information on joining Nest, visit Joining Nest as self-employed.

What do I need to know before making contributions as a self-employed member?

  • A contribution charge of 1.8 per cent will be deducted each time you make a contribution into your retirement pot. For more information visit our Nest charges page.
  • Any contributions made into your account will be deemed as member contributions and eligible for tax relief at a basic rate of 20 per cent. If you’re a higher earner you’ll need to speak with HMRC directly to claim any additional tax relief.
  • You should pay any contributions from your personal bank account.
  • If you’re paying contributions from your business account while being eligible for tax relief, it would breach HMRC rules as the tax relief will be claimed twice.
  • If you are unsure about how your contributions should be treated for tax purposes, please get independent financial advice. You can also visit The Pensions Advice Service for more guidance.
  • The contributions made by you will be included in the annual allowance limit and money purchase annual allowance limit. For more information visit What is the annual allowance? and What is the money purchase annual allowance?

When can I make contributions as a self-employed member?

Once you’ve set up your Nest account, you can simply login and make regular monthly or one-off contributions.

How can I make regular contributions?

  • Click ‘Set up regular payments’ in Quick links at the bottom of your dashboard.

  • Enter the contribution amount and click ‘Next’.

  • You’ll need to provide your bank details to set up the Direct Debit and authorise the mandate.
  • You’ll need to tell us when you’d like the money to come out of your bank account.
  • If you’re happy with the date shown, click ‘Next’.

  • Once you’ve set up the Direct Debit, you’ll see a confirmation message on the screen. We’ll also send a copy of the Direct Debit mandate to your Nest secure mailbox.

How can I make a single additional contribution?

  • Click ‘Make one-off payment’ in Quick links at the bottom of your dashboard.

  • You’ll need to enter the amount in the box next to Contribution amount followed by two digits after a decimal point. For example, if you want to contribute £10, you'll need to enter 10.00
  • You'll then need to select the payment method that you'd like to use.
  • Once you’ve done this click ‘Next’.

  • Follow the on-screen instructions to make a payment by debit card or by Direct Debit.
  • For debit card or existing Direct Debit payment, it can take up to five working days for the contribution to show in your online account.
  • For new Direct Debit payments, it can take up to nine working days for the payment to show in your online account.
  • To view the contributions, visit How do I check contributions paid into my retirement pot?

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