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What happens when I take my money out of NEST?

Key points:

  • You can take your money out of Nest from the age of 55.
  • When you choose to take some or all of your pot as cash, 25% is usually tax free and the remaining 75% will be taxed as part of your income for the year when you get the money.
  • Once you take all the money out of your Nest account, your account will be closed.

What happens when I take all my retirement pot as cash?

  • Once you take all of your pot as cash, your account will be closed and we will send you a P45 statement. 
  • If you want to join Nest again, you’ll need to contact your employer so that they can re-enrol you.
  • Your employer can tell you if you’re still eligible for employer contributions.
  • For more information on taking your money out of Nest please see How can I take my money out of Nest at retirement?

What happens if I take some of my retirement pot as cash?

  • If you choose to take some of your retirement pot as cash, the rest of your money stays invested with us.
  • If you’ve taken some of your pot as cash we’ll send you a P60 statement after the tax year is completed.
  • If you’ve taken some of your pot as cash and later claimed your full Nest retirement pot or transferred out before a P60 is issued at the end of the tax year, 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 £4,000 in the current tax year into any defined contribution pension scheme without paying extra tax. Please see What is the money purchase annual allowance? for more information.
  • For more information on making a partial withdrawal please see How can I take some of my retirement pot as cash?

What happens if I transfer money out of Nest?

  • 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 processed your 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.
  • For more information on transferring money out of Nest, please see How can I transfer money out of Nest?

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