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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?

Four things to ask before you transfer your pot

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 MoneyHelper.

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.

If you're transferring money out of Nest, we may ask you for additional information. This is to make sure we comply with regulations. In some cases you might have to attend a scams awareness appointment with MoneyHelper.

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 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.