NEST - Too Late To Opt Out

zenmaster

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.

Beccamilo

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

Thanks.

I shall probably do that.

It's just to minimise the admin ideally.

RABC

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.