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  • FIRST POST
    • zenmaster
    • By zenmaster 14th Apr 16, 11:31 PM
    • 3,067Posts
    • 3,281Thanks
    zenmaster
    NEST - Too Late To Opt Out
    • #1
    • 14th Apr 16, 11:31 PM
    NEST - Too Late To Opt Out 14th Apr 16 at 11:31 PM
    I've got an existing SIPP which is funded exclusively from my limited company, but does not fit the qualifying criteria (because I have to select funds) so I enrolled with NEST with the explicit intent of opting out.

    Unfortunately the opt out period coincided with the Easter Break. I forgot and now it's too late.

    So I'm looking for another way out.

    1. As I'm over 55 can I crystalise the pension and be done with it forever?

    2. Can the company close the scheme and move it to, say, People's Pension and would that then open another opportunity to opt out?

    TIA.
Page 1
    • Beccamilo
    • By Beccamilo 16th Apr 16, 2:40 PM
    • 4 Posts
    • 2 Thanks
    Beccamilo
    • #2
    • 16th Apr 16, 2:40 PM
    • #2
    • 16th Apr 16, 2:40 PM
    This what NEST say for you as an employee
    From age 55 you could:
    take all of your pot as cash
    use all of your pot to buy a retirement income
    take some as cash and use the rest to buy a retirement income
    keep your money invested until you know what you want to do with it
    So I think you can opt out so no futher contributions are due and also take your 'millions' out due to your age.
    As an employer you need to keep the pension scheme open as you will have to be re-enrolled in 3 years time assuming your work life does not change. You also have to submit a nil return every month regardless of whether there are contributions or not.
    • zenmaster
    • By zenmaster 17th Apr 16, 4:41 PM
    • 3,067 Posts
    • 3,281 Thanks
    zenmaster
    • #3
    • 17th Apr 16, 4:41 PM
    • #3
    • 17th Apr 16, 4:41 PM
    Thanks.

    I shall probably do that.

    It's just to minimise the admin ideally.
    • RABC
    • By RABC 16th Aug 17, 6:30 AM
    • 11 Posts
    • 0 Thanks
    RABC
    • #4
    • 16th Aug 17, 6:30 AM
    • #4
    • 16th Aug 17, 6:30 AM
    Hope you had better luck than im having at the moment, I missed the opt out date and after several conversations via phone since april 2017 i am no further forward in opting out, they have had my bank details several times and now have my birth certificate which was supposed to be returned within 5 days and that was sent weeks ago...............Total Shambles.
    Last edited by RABC; 16-08-2017 at 6:37 AM.
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