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Opting out

If you’re thinking of opting out of NEST, it’s worth remembering that the longer you save with us, the more money you’re likely to generate for when you retire.

However if you don’t want to contribute to NEST, you can cancel your membership during the one month opt-out period that commences after you have been automatically enrolled. You can find further details, including when the period starts and ends, in the welcome letter we sent to you.

If you do opt out within the specified period then you’ll get back any money you’ve contributed. We’ll refund your money to your employer within 10 working days of them informing us, and they will then pass the refund directly to you. And if you miss your opt-out period you can only access this money once until you’re at least 55.

Should I opt out?

It’s completely up to you whether you’d like to remain a NEST member or whether you’d like to opt out.

However, if you opt out you’ll miss out on any employer contributions you are entitled to and tax relief from the government. You’ll also miss out on the opportunity to have your money grow in a NEST retirement fund.

The table below highlights some of the key factors to think about if you’re considering this decision:

How do I opt out?

To opt out you’ll need your NEST ID. You can find this in your member welcome pack which you receive within three working days of being enrolled. If for whatever reason you haven’t received your welcome pack within a week, ask your employer to get in touch with us.

There are three ways to opt out – online, over the phone, or by post. 

Online:

Opting out online takes just a few minutes and is your fastest option as we stop taking further contributions from you immediately. 
Opt out now

Phone or post:

You can also call us and either follow the automated instructions or request a paper form for you to fill out and give to your employer. However, because this takes longer, there’s a chance your employer might take more contributions from your wages before the process is complete. 
Find out more

Taking a break is also an option

You don’t have to opt out to stop paying money into NEST. You can choose to simply take a break. Taking a break means you’ll keep your retirement pot and you can start paying in again at a later date. Remember though that if you stop paying money into NEST, you’ll also miss out on your employer’s contributions and tax relief from the government.

Find out more about contributions and taking a break