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Transferring your money out of Nest

Many people find that combining their pension pots makes it easier to keep track of their savings. It’s not right for everyone though, which is why we’ve put together a 4-point checklist to help you work out what the best choice is for you.

Should I transfer my pension savings?

Nest is backed by the government and our great service and value for money is recognised with our Defaqto 5 Star rating. Before you transfer, it’s worth making sure your money is going to a similarly high-quality scheme.

Once you’ve found a new pension provider, run through our 4-point transfer checklist to make sure you’re getting a good deal. 

  1. Are you getting value for money?
  2. Are you with a top-rated pension scheme?
  3. Are your savings going into a pot for life?
  4. Does it sound too good to be true?


Want to see how Nest delivers? See how you can benefit from the UK’s largest workplace pension scheme.

If you’re still unsure, think about taking independent financial advice or contacting an independent organisation such as the Pensions Advisory Service.

Can I transfer my pot out of Nest?

Yes, as long as your transfer meets 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 if there are any fees involved.

You can’t transfer out if you’re still making contributions to your Nest pension pot. If you’re thinking about stopping contributions just so you can transfer out, you might end up missing out on money from your employer and tax relief.

We won’t charge you for transferring out of Nest, but there may be costs from your other provider. If you transfer your money to an overseas pension scheme, there might also be additional tax charges and an overseas transfer charge.

If you’re looking to transfer your pot to access your savings and are 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.

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.

Be aware of scams

Pension scams are on the increase in the UK. Avoid falling victim to fraudsters by reading the FCA's guide on how to spot, avoid and report pension scams.

Transfers and coronavirus

Coronavirus has affected investments around the world. See how this could impact transfers and your pension savings by reading Coronavirus and the markets.

 

Last updated: 10/20