Skip to Main Content

We’re here to support you through COVID-19

We know it’s a difficult time as we face uncertainty around the outbreak of the coronavirus and disruption to our daily lives. We're committed to helping our members and employers through this uncertain time.

How we're continuing to deliver our services to you

All our services are currently fully functional. Our staff are set up to work remotely from home, so you still have our full service and support while our head office is closed. 

We’ve also set up a dedicated team who are keeping track of the latest developments and meeting daily to consider our ongoing approach to the situation. The team review government advice and emerging information and are taking steps to keep staff safe and to support all our customers, whatever their needs. With the topic continuing to dominate daily news and impact global markets, people might be wondering what this means for their Nest pensions. We’d like to take this opportunity to reassure our members and employers. 

What’s the impact of the pandemic on Nest pensions?

Over 90% of our members are saving into our flagship Nest Retirement Date Funds. They’re well diversified, which means that their investments are spread across many different markets, industries and countries. This helps smooth out some of the sharper ups and downs we’re seeing in the stock markets.
We’d like to reassure you that protecting and growing our members’ savings is our highest priority. We’re confident that our approach is suitable for these unusual times, and for the many years we will be safeguarding our members’ money.

Help for employers

Help for members

Note: If you cannot view the video below, you need to accept cookies. You can do this either by clicking Accept cookies in the banner or visiting our Cookies Policy page, and clicking the grey button to turn cookies from OFF to ON.

How is my Nest pension affected by Covid-19?

Nest's Chief Investment Officer, Mark Fawcett, answers questions our members have about their pensions

Members' frequently asked questions

The government has confirmed that as part of the Coronavirus Job Retention Scheme the grants available to employers are intended to support businesses and their employees by covering up to 80% of the costs of employment.

Your employer will stop paying contributions to your pension pot following your redundancy. 
If you want to stop any contributions being taken before then, we recommend you get impartial guidance from the Money Advice Service by visiting their website or calling 0800 138 7777.

If you still feel that stopping your contributions is the right thing for you, then you can do this by logging into your online Nest account or contacting your employer directly. This will be effective from the next pay period. Contributions may still be taken from your earnings up to the date you choose to stop contributions. For more information about when the contributions will stop you can speak to your employer.

For more information, please visit our help centre.

We understand this concern and we know how difficult this situation will be for some of our members. We would encourage you to seek support and guidance from The Pensions Advisory Service for your specific circumstances. Although these are uncertain times, previous market crashes tell us that investments can recover quite quickly, and we would expect markets – and therefore your pot – to rise again when stability returns.

We understand the challenges our members are facing. Your savings with Nest are intended to help you build up a pot of money for your retirement, so while it’s possible for members aged 55 and over to withdraw from their Nest savings we recommend you get advice before making any decisions. Pension Wise or the Pension Advice Service offer free, impartial guidance.

If you’re under 55 and your doctor has confirmed you can’t work again due to incapacity or serious ill health, you can withdraw your Nest pension pot. Please visit our help centre for more information on this.

Be aware of coronavirus scams

We’ve seen a dramatic rise in email and phishing scams in the last few weeks. Remember to be extra vigilant and cautious, and that Nest will only ever send information and requests to your secure online mailbox. Our Pension scams and online security page has guidance and advice for keeping yourself, and your pension pot, safe during this time.

Need more help?

The most important thing is not to panic and make rushed decisions. Before you make any big decision about your pension you have several options to access advice and guidance.

 

Last updated: 26/05/20

Member help centre

Member help centre

Our member help centre offers you more information to help answer any question you may have about your Nest account.

Get help

Employer help centre

Employer help centre

We offer a wealth of guidance on setting up and using Nest at our employer help centre.

Get help

Coronavirus update

Coronavirus and the markets 

See how our investment approach is designed to weather short-term volatility in the markets.

Read more