If your unsure on how we could help you, or just looking for a little help, leave your details and one of the team will call you back for a quick chat.
Call us now on 0161 413 7051
If your unsure on how we could help you, or just looking for a little help, leave your details and one of the team will call you back for a quick, informal chat.
Home > Blog > Company News > Can Nest Pensions Be Transferred?
Here at Hilltop Finance, we frequently get asked many questions about Nest Pension Transfers, including:
• Can NEST pensions are transferred?
• Is moving your money out of Nest, right for you?
• Should I transfer my NEST pension?
• How do I transfer my NEST pension to a new employer?
• Can I partial transfer out of my NEST pension? opens
As with any pension transfer or pension switch, there are many pros and cons that you must consider before you look to transfer out of NEST (National Employment Savings Trust).
A NEST pension is a defined contribution pension. As most NEST pensions are set up for auto-enrolment by your employer, you and your employer will be making contributions into your pension fund that will potentially grow over time.
Like any defined contribution pension, you can transfer your pension out of NEST at any time, provided it is to another registered pension scheme. We’d always recommend speaking with a pension specialist like our experts at Hilltop Finance to make sure you’re transferring your NEST pension to the best pension for you.
It’s important to remember that you must have stopped making contributions to your NEST retirement pot before you consider a transfer out of NEST. If you look to transfer out of your current NEST workplace pension, you may lose any future contributions your employer could make to your auto-enrolled pension.
Moving your money out of NEST should be a considered decision, and we would recommend that you speak with a pension specialist before you decide to move any pension.
NEST pensions are a UK Government-backed pension scheme and are considered a low-risk pension fund due to this backing. Whilst being a low-risk fund, most NEST pensions are set up by employers so will not be personalized to your needs, objectives, and investment preferences. By taking advice and potentially moving your money out of NEST, your new private pension should be more suitable for you.
When changing jobs, don’t forget about your old workplace pension. As you and your employer will no longer be contributing to your fund, you could look at your options to move your money out of NEST.
There are hundreds of options and pension providers you could choose to transfer out of NEST. We would always recommend speaking with a pension specialist before you look to transfer out of NEST, but some of the more well-known UK personal pension providers include: –
Firstly, you can only transfer out of NEST once you and your employer have stopped contributing.
Apart from that, all you must do is notify the new pension provider that you want to transfer your NEST pension. You may need your pension policy numbers, National Insurance number, and an authorizing signature may be required. It could take up to five weeks to complete the switch, and they may apply early exit fees charged by NEST.
To ensure that transferring your NEST pension is right for you and the transition is smooth and stress-free, talk to one of our pension specialists who can give you personalized and tailored advice. We’re experts in transferring NEST pensions and will help ensure you get the best advice and the right pension plan for you and your retirement needs.
As with any transfer and investment, your capital is at risk and you may get back less than you invested.
In general, the NEST pension scheme is a somewhat inflexible scheme, and a partial transfer out is not possible. Suppose you are looking to switch your NEST pension to another provider. In that case, you will need to transfer out the entire fund value, and NEST can only allow transfers to a registered pension scheme or a qualifying recognized overseas pension scheme (QROPS).
The restrictions on partial transfers out do not affect you taking out smaller chunks (pension drawdown) from your NEST pension should you be 55 years or older. Taking money from your NEST pension or purchasing a pension annuity will work the same as any other defined contribution pension.
We would always recommend taking professional advice before transferring any pension to a new provider. A pension specialist will be able to assess your current NEST pension, look at your needs and attitude to financial risk, and offer expert advice that is tailored to you.
Switching your NEST pension is a big decision, but with the help of our pension advisors at Hilltop Finance, you can be confident that you’ve made the right decision for you and your financial future. We’re proud of our 5-star Trustpilot rating, start your free telephone assessment today by calling 0161 413 7051 or find out more about NEST pensions here.
Pension Statistics: The Nation’s Biggest Pension Worries
14 November 2023
5 minute read
10 Retirement Planning Questions To Ask Your Financial Adviser
02 November 2023
5 minute read
Hilltop Financial Planning Recognised As Top 100 UK Financial Advisers By FT Adviser For Second Year In A Row
17 October 2023
5 minute read
We just need to take a few more details to understand what we can help you with and when is convenient for us to call you back. Gives you a chance to pop the kettle on ☕
What would you like our expert advice on?
Is there any advice in particular?
Finally, just pop your details here and we’ll be in touch