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When can I transfer money out of NEST?

You can transfer your money out of NEST into another pension scheme at any time, after you’ve stopped contributing into your NEST retirement pot. For more information please see How do I stop contributions?

NEST won’t charge a fee or penalty if you transfer money out of NEST. While transferring money out of your NEST retirement pot, its value will depend on how much your retirement pot grows through investment.

The provider you transfer your NEST retirement pot to, may deduct a charge when they receive the transfer payment from NEST. There may be an overseas transfer charge applicable if you’re transferring your money out to an overseas pension scheme. You may also be charged additional tax if the value of your retirement pot exceeds your Lifetime allowance (LTA) while transferring to an overseas pension scheme.

Where can you transfer your money to?

You can transfer your money from NEST to a UK-based pension scheme that’s registered with HMRC or a Qualifying Recognised Overseas Pension Scheme (QROPS).

The provider of the scheme will be able to tell you if it’s a UK-based registered pension scheme or a QROPS.

NEST uses Origo Options, which can be the quickest and easiest way to transfer your pot. You’ll need to contact the receiving scheme and ask if they use it.

To know more about transferring your money out of NEST please see How can I transfer money out of NEST?

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