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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 your Nest retirement pot from the age of 55. For more information on taking your money out of NEST please see How can I take your money out of NEST?

Taking all of your money out of NEST means that your account will be closed once we’ve processed your request. We’ll send you a confirmation of this by post. If you want to join NEST again you may check with your employer. Your employer can tell you if you’re still eligible for employer contributions.

If you choose to take partial withdrawals, you can take some money out of your retirement pot whilst the rest of your money stays invested. For more information on how to make partial withdrawal please see How can I take some of my retirement pot as cash?

Once you've made partial withdrawal from your NEST account you won't be able to pay more than £4,000 into any pension savings without paying extra tax for that year.

If you choose to transfer your retirement pot to another registered pension scheme or a Qualifying Recognised Overseas Pension Scheme (QROPS), your account will be closed once we’ve processed your request. To find out more please see, How can I transfer money out of NEST?

When you choose to take your pot as a cash lump sum, 25% is tax free and the remaining 75% of the pot will be taxed. If you choose to transfer your pension pot to another UK 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.

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