Can i enrol in NEST pension?

My_brain_hurts

I am currently in the Armed Forces (and in their pension scheme) but i only have 2 years left before i leave the forces. I am trying to enrol in the NEST pension, but it appears that i cannot enrol, does anyone know if i can join?

I wont be entitled to employer contributions, but surley i can start paying in myself, after all the government insists we should all start saving for retirement?

Help please x

jamesd

Why would you pick NEST when you can choose any pension on the market? Think of it as the lemon of the auto-enrolment pensions and avoid it unless your employer gives you no choice or you are over 55 and can move the money out regularly. It's for employers who are too lazy or don't care enough to pick something better instead.

mania112

NEST is a workplace pension scheme.

It is company's that join the scheme, so you need one before you yourself become a member.

As said though, it is a personal pension you should get anyway, it's better in almost every way!

dunstonh

Why would you want to pick NEST? Its not a great option and not designed for individuals.

after all the government insists we should all start saving for retirement?

The market for individuals is much more efficient and didnt need Government intervention. With group schemes, the market couldnt afford to deal with small group schemes cost effectively. So, you would just pick from on of the many individual schemes available and not go looking at group schemes.

xylophone

At the moment you are in the Armed Forces Pension Scheme and will remain so for the next two years.

Is the idea that you wish to start a pension in addition to your AFPS?

You could consider a personal pension - see for example

http://www.cavendishonline.co.uk/pensions/stakeholder-and-personal-pensions/

And read https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

If you are employed after 2016, your new employer will either have a scheme running or will have to provide one by 2018.

See https://www.gov.uk/workplacepensions?gclid=CNvR3JPHk8ICFYVf2wodnbYAug

And re the new state pension see https://www.gov.uk/new-state-pension/overview