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Transferring your money out of Nest

Nest offers a high-quality pension scheme for all. Our award-winning investment scheme is backed by the government, and our great service and value for money was given a 5-star rating by Defaqto, the UK’s most trusted source for financial product information.

We don’t want you to be worse off by leaving, so we’ve put together a 4-point checklist to help you find a scheme of similar quality.

Your 4-point checklist to finding a quality pension scheme

If you’ve found a new pension provider, run through this 4-point transfer checklist to make sure you’re making the right decision.

1. Are you getting value for money?

With over 12 million members, our size allows us to offer great value for money. You only pay one annual management fee of 0.3%.

Your new provider might have a great introductory offer, but will they still deliver great value one year from now? Remember, pensions are for the long-term.

2. Are you transferring to a top-rated pension scheme?

Nest has an award-winning investment scheme and a 5-star Defaqto rating. Before you leave, make sure you’re moving to a scheme of similar quality.

3. Are your savings going into a pot for life?

Nest gives you a pot for life, which means your account details stay the same no matter how many times you change jobs. Because so many businesses choose Nest as their pension provider, it’s likely that you’ll return to us throughout your career. And each time you come back you’ll be paying into the same pot.

4. Does it sound too good to be true?

Are you 100% confident that you’re getting the deal you think you’re getting? Could it be too good to be true? Double-check before you transfer. Watch out for hidden charges buried in the small print.

Four things to ask before you transfer your pot

After running through the checklist, you’ll be ready to transfer or you might decide that Nest is the best place for your money after all.

If you’re still unsure, consider taking independent financial advice or contacting an independent organisation such as MoneyHelper.

Can you transfer money out of Nest pension?

There are some important things to note about transferring out of Nest:

  • If you’re still making contributions to your pension pot, you can’t transfer out of Nest. If you’re thinking about stopping contributions so you can transfer out, be aware that you might miss out on tax relief and money from your employer.
  • We won’t charge you for transferring out of Nest, but your other provider might charge you. Plus, if you transfer your money to an overseas pension scheme, you might also pay additional tax charges and an overseas transfer charge.
  • To make sure we comply with regulations, we may ask you for additional information before you transfer out of Nest. And, in some cases, you might have to attend a scams awareness appointment with MoneyHelper.
  • If you’re transferring your pot because you want to access your savings and you’re aged 55 or over, there are several ways you can withdraw your pot. Explore our range of retirement options and work out which one is right for you. 
  • Your transfer must meet legal requirements. By law, we can only allow transfers to a registered pension scheme or a qualifying recognised overseas pension scheme (QROPS). Your new provider should be able to confirm this for you. You’ll also need to check if they will accept a transfer from Nest and any fees involved.
How to transfer your Nest pension pot to another provider

How to transfer your money out of Nest

If you’ve done your research, taken advice, and are ready to transfer out of Nest, watch our step-by-step guide on how to transfer your pot. 

You can also find a more detailed guide in our help centre.