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Options from other providers

You can use your Nest pension pot to access options from other providers. One of these options is to buy an annuity. This can give you a guaranteed income for life, which is worth considering if you’re confident your plans won’t change.

Buy an annuity for a guaranteed regular income

If you want a regular income, you can buy an annuity. This pays you an agreed income for the rest of your life or for a fixed period.

Find out more about annuities and how to shop around for the right one for you.

At Nest we don’t offer annuities, but you do have the option to use your pension pot to buy an annuity from an annuity provider. This can be done any time after you’ve turned 55, and once you’ve stopped contributing to your pot – we won’t charge you for doing so. 

If you decide to move your pot to an annuity provider to buy an annuity, let us know by logging into your Nest account online.

Normally, once you’ve bought an annuity, you can’t change your mind, so it’s important to choose the right one.

Different options for a regular income

Another way to access income from your pension savings is through a flexi access drawdown product.

Flexi access drawdown products invest the money from your pension pot with the aim of growing it while allowing you to draw an income if you choose. Unlike an annuity there is no guarantee that you’ll be able to keep receiving an income until you die.

At Nest we don’t offer flexi access drawdown, but you have the option to transfer your pension pot to a drawdown provider. 

You can take this option at any time after you’ve turned 55 and once you’ve stopped contributing into your pot. We won’t charge you for doing so. 

If you decide to transfer your pot to a drawdown provider, let us know by logging into your Nest account online.

For more information on drawdown products.

With charges, fund choices and flexibility varying from provider to provider it’s important to compare what’s on offer. Before you make the decision, why not get some expert advice? The Money Advice Service can direct you to a range of independent advisers. Nest won’t be responsible for any fees you may be charged.

Combine your pension pots

You may have built up a few pension pots with different employers or in other pension schemes. Did you know you may be able to combine them by transferring all your pension savings into one retirement pot? Doing this could help you get a single, potentially higher, retirement income. You could also get access to other retirement options that require a minimum pot value – such as a flexi-access drawdown product.

Find out how to bring your pension pots together or look up the details of your lost pensions.

Frequently asked questions

We can’t provide you with advice about which option is right for you. It’s a good idea to seek professional guidance or advice before making your decision. You may be able to get free guidance from Pension Wise or use a financial adviser. Details of independent financial advisors can be found at unbiased.co.uk. Nest won’t be responsible for any fees you may be charged for this advice.

You can take money out by logging into your Nest account. To find out more, go to How can I take my money out of Nest at retirement?

Nest won’t deduct any tax from transfers or payments to other providers. Your new provider will let you know you how they’ll deduct tax from your withdrawals or any income that you receive from them.

What are my other options?

Self managed option

Self-managed options 

These options allow you to access your pension pot and choose how much you want to take and when.

Find out more

Nest guided retirement fund

Nest Guided Retirement Fund 

If you're in this fund, you can take money out regularly. We'll continue to manage your pot with the aim of reducing the risk of it running out.

Find out more

Last updated: 08/20

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