My Nest pension

What are the benefits of being a member?

We've designed our scheme with our members in mind. We've a range of benefits that deliver value for our members' money. These include the features of the scheme, the way it's governed, how it's administered and our investment approach.

Good quality scheme

We provide the same access to a workplace pension scheme to all members, whether their employer is a small business or a multi-national and regardless of their contribution level.

Related article: Joining Nest

Pot for life

We want to keep things easy and straightforward for our members. That's why we provide a single retirement pot for life. You can keep the same retirement pot, using a single login and account however many times you change jobs, stop working or become self-employed.

This way members can contribute to their pot to help it grow. If you move to a new employer that also uses Nest, then they can make contributions to your existing retirement pot.

This makes it simple for our members and it also means that we can keep the number of membership records down and our costs low.

Related article: Transferring pension pots and What happens to my pension when I die?

Investment approach

• In-house investment team to look after our members' money
• Diverse investments from around the world carefully selected to help you get a better retirement
• Investing our members' money responsibly and sustainably
• Award-winning investment strategy

If a member doesn't make a fund choice, we'll put their money into our flagship default fund. We call this a Retirement Date Fund.

These use the member's retirement date to decide the appropriate way to invest their money at the appropriate time. This will depend on how close to retirement they are. 

For those members who wish to choose an alternative to the default fund, we have a choice of funds that may better suit their faiths, beliefs and attitudes to risk.

Related article: How does Nest manage my money?

Value for money

We have one simple charging structure for everyone, and we don't charge for transferring other pots in. Our charges are made up of two parts:

• A small percentage is taken off the money going into your pot, known as a contribution charge. This amount is 1.8 per cent.

So, if £25 is being added to your pot each month, for example – of this £25 we would take a contribution charge of 45p.

• In addition, a small percentage is taken of the value of your retirement pot over the year. This is known as an annual management charge and is 0.3 per cent. 

So, if your total retirement pot is worth £5,000, for example – this means we would charge £15 over the year.

Related article: Contributions and fees

Online account

Through your online account, you'll be able to check your pot and contributions, change your retirement date, switch funds, make additional contributions, edit your personal details, take your money out at retirement, name a beneficiary or make an expression of wish if you were to pass away while saving with us.

To start using your online account you should have received your Nest welcome pack in the post. The pack contains a letter with your Member ID as well as Your quick guide to Nest. Your letter will also include a link to your ‘Welcome to Nest’ guide. You can download a copy of ‘Welcome to Nest’ now by choosing one of the options below that matches your circumstances:

• You receive employer contributions (PDF)
• You asked your employer to enrol you and you don't have the right to opt out (PDF)
• You joined Nest directly rather than through an employer (PDF)

Additional help and guidance

• To find out more about your retirement options take a look at Taking your money out of Nest
• Help and guidance via the member help centre, webchat or contact centre
• For additional guidance and advice, you can go to the Money Advice Service, The Pensions Advisory Service and Pension Wise.

Last updated: 10/20