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How can I take my money out of Nest at retirement?

Key points:

  • This article provides a list of retirement options 
  • It covers points to consider before you choose any retirement option
  • It tells you how to choose an option (screen by screen guide)

What are my options?

Visit Retirement for information on your options available.

You have the following options: 

  • Use one of our self-managed options to take some or all of your pot as cash
  • Use the Nest Guided Retirement Fund
  • Choose options from other providers either by buying an annuity or transferring

You can transfer your money out of Nest at any age to another UK registered pension scheme or a qualifying recognised overseas pension scheme also known as QROPS. For more information please see How can I transfer money out of Nest?

What do I need to think about before taking my money out of Nest?

There are a number of things to consider before you make a decision such as what other pension savings you may have. 

  1. They can explain all your options, the decisions you’ll need to make and the tax or fees that will be applicable.
  2. You can book one free phone appointment or a face-to-face meeting with Pension Wise by calling on 0800 138 3944 between 8am-10pm, seven days a week.

You may also decide to use a financial adviser. Details of independent financial advisers can be found at unbiased.co.uk. Nest won’t be responsible for any fees you may be charged for this advice. 

How do I start taking money out of Nest?

  • The quickest and easiest way to start making withdrawals is by logging into your online account.
  • Alternatively, you could call us on 0300 020 0090 to get started. 

Screen by screen guide to selecting an option

You can log into your Nest online account and click 'Take your money out' on your Nest home page.

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. For the 2019/20 tax year, this is £1.055 million. If you confirm Yes please follow the instructions and contact us by phone.

  • Click ‘Your options for taking money out’ to select one of the options to take your money out of Nest.

  • You will find the options available to you on the next screen

Once you’ve decided which option is right for you, here are some links to useful information on how to complete your choice. 

How can I take some of my retirement pot as cash?

How do I take money out of the Nest Guided Retirement Fund?

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