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  • FIRST POST
    • ChrisSargent
    • By ChrisSargent 17th Mar 17, 1:08 PM
    • 22Posts
    • 1Thanks
    ChrisSargent
    NEST - next to uesless?
    • #1
    • 17th Mar 17, 1:08 PM
    NEST - next to uesless? 17th Mar 17 at 1:08 PM
    I worked for an agency for all of 3 months. In this time they auto-enrolled me into a NEST pension. I did ask them if contributions could be paid to my private pension instead but they said this wasn't possible.


    So now I have the vast amount of £9.91 sat in a NEST pension that I cant do anything with!
Page 1
    • Malthusian
    • By Malthusian 17th Mar 17, 3:25 PM
    • 2,180 Posts
    • 3,047 Thanks
    Malthusian
    • #2
    • 17th Mar 17, 3:25 PM
    • #2
    • 17th Mar 17, 3:25 PM
    I hold no brief for NEST but how is it their fault you weren't at your previous employer very long and that your employer didn't want to complicate its payroll arrangements for someone who was only going to be there a few months?

    You will be able to transfer your £9.91 into your private pension from April 1st.
    • ChrisSargent
    • By ChrisSargent 17th Mar 17, 4:16 PM
    • 22 Posts
    • 1 Thanks
    ChrisSargent
    • #3
    • 17th Mar 17, 4:16 PM
    • #3
    • 17th Mar 17, 4:16 PM
    I hold no brief for NEST but how is it their fault you weren't at your previous employer very long and that your employer didn't want to complicate its payroll arrangements for someone who was only going to be there a few months?.
    Originally posted by Malthusian

    No, just posting out of frustration I guess. Its not their fault I agree.

    You will be able to transfer your £9.91 into your private pension from April 1st.
    Originally posted by Malthusian

    Has this been agreed now? I heard/read that it might be possible to move money in/out of NEST sometime in 2017.
    • Fireflyaway
    • By Fireflyaway 17th Mar 17, 4:28 PM
    • 974 Posts
    • 954 Thanks
    Fireflyaway
    • #4
    • 17th Mar 17, 4:28 PM
    • #4
    • 17th Mar 17, 4:28 PM
    You can pay into nest yourself regardless of if you are employed. If you have some spare money you could keep it going and stick a little in each month? I did see there is a cap though. I'm 37 with tiny contributions so wanted to pay in bigger sums to make up for lost time but its not possible, so in that respect it is a bit rubbish.
    • Mothman
    • By Mothman 17th Mar 17, 5:35 PM
    • 75 Posts
    • 21 Thanks
    Mothman
    • #5
    • 17th Mar 17, 5:35 PM
    • #5
    • 17th Mar 17, 5:35 PM
    The NEST contribution limit will be removed from April 2017, though personally I'd only pay in as much as I needed too to get the contributions from my employer. The NEST 1.8% contribution levy and limited fund choices means that for me any extra pension contributions go elsewhere into a SIPP.

    Given the large number of new members they must be having to deal with the scheme does seem quite well administered, for now at least.
    • zagfles
    • By zagfles 17th Mar 17, 9:28 PM
    • 11,850 Posts
    • 9,807 Thanks
    zagfles
    • #6
    • 17th Mar 17, 9:28 PM
    • #6
    • 17th Mar 17, 9:28 PM
    The NEST contribution limit will be removed from April 2017, though personally I'd only pay in as much as I needed too to get the contributions from my employer. The NEST 1.8% contribution levy and limited fund choices means that for me any extra pension contributions go elsewhere into a SIPP.

    Given the large number of new members they must be having to deal with the scheme does seem quite well administered, for now at least.
    Originally posted by Mothman
    NEST is cheaper than most pensions - the 1.8% contribution charge and 0.3% annual charge is better than a typical 0.5% charge on personal pensions or other workplace pensions, provided the money stays in at least 10 years after investment.

    The lack of investment options of course may be an issue to people who like to choose where to invest.
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