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What happens when I take my money out of NEST?

You can choose to take all or some of your money out of NEST by logging into your online account. You’ll have a number of different options 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. If you’d like to see your options and how to start the process of taking your money out please see How can I take my money out of NEST?

Taking all of your money out of NEST means that your account with NEST will be closed once we’ve processed your request. We’ll send you a confirmation of this by post.

Taking some of your money out means that you can take some money whilst the rest of your money stays invested in your NEST retirement pot. To use this option, you must have at least £3000 in your pot. If you choose to take some money out, at least £2000 must remain in your pot. You’ll only be able to take money out in this way once every tax year.

You’ll also have the option to transfer your full retirement pot to another registered pension scheme or a qualifying recognised overseas pension scheme at any time.

To get started, you just need to click ‘Take your money out’ on your NEST home page. Once you’ve completed your decision to take your money we’ll start processing your request.

If you choose to take your pot as a cash lump sum we’ll pay any tax on that amount directly to HMRC so you don’t need to do anything else. If you choose to transfer your pension pot to another pension scheme there won’t be any tax to pay to HMRC.

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.

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