NEST cheapest pension on market?

Yes if you are transferring in an old scheme then they do not charge their initial 1.8% for a new contribution so it is very good value.

However for most people making regular contributions to NEST they are paying the initial 1.8% which if spread across the years brings the rate up to around 0.4% or more if they later consolidate into another scheme.

Because of the initial charge NEST is not as cheap as my Fidelity company pension which has no initial charge and only 0.32% for a Blackrock global tracker, 0.25% for cash and 0.20% for gilts. I work for a large company who do all the payroll contribution admin and negotiate on scale. I am currently 75% equities and 25% cash so the total fee is around 0.3%.

Also those with large pensions and no further contributions, say 240k, can pay a fixed £180 a year with Halifax SD (0.075%) plus get a VLS fund (at 0.22%) so pay 0.295% total. At £480k it would be 0.2575% total. My £120k VLS80 SIPP is 0.37% and getting cheaper every day it grows.