My retirement pot
In this section
What happens when I take my money out of Nest?
- You can take your money out of Nest from the age of 55.
- When you take withdrawals from your pot, 25% will usually be tax-free and the remaining 75% will be taxed as part of your income for the year when you get the money. You may also be impacted by the tax-free lump sum allowance of £268,275, this is the total amount you can withdraw tax-free across all your pension schemes. For more information please see Your pensions and tax.
- Once you take all the money out of your Nest account, your account will be closed. To find out more you can visit our What happens when my account is closed? page.
- Once you take all of your pot as cash, your account will be closed and we'll send you a P45 statement.
- If you want to join Nest again, you’ll need to contact your employer so that they can enrol you again.
- Your employer can tell you if you’re still eligible for employer contributions.
- To find out more you can visit our How can I take my money out of Nest at retirement? page.
- If you choose to take some of your retirement pot as cash, the rest of your money stays invested with us.
- A P60 statement will be issued following the end of the tax year if you have taken some of your retirement pot as cash during that year and still have a value in your pot. If you later claimed your full Nest retirement pot or transferred out in the next tax year before a P60 is issued, then we’ll send you both P60 and P45 statements.
- Once you’ve taken some of your pot as cash, you won't be able to pay more than £10,000 into any defined contribution pension scheme each tax year without paying extra tax. For more information, please visit our What is the money purchase annual allowance? page.
- If you want to find out more about making a partial withdrawal, you can visit our How can I take some of my retirement pot as cash? page.
- If you choose to transfer your retirement pot to another UK registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS), your account will be closed once we’ve completed the transfer request.
- If you choose to transfer your pension pot to another UK registered pension scheme there won’t be any tax to pay to HMRC.
- If you transfer your pot to an overseas scheme, the transfer could be subject to a tax charge.
- To find out more you can visit our How can I transfer money out of Nest? page.
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