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transferring a Nest pension

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planteria
planteria Posts: 5,322 Forumite
Part of the Furniture 1,000 Posts Combo Breaker
edited 17 December 2018 at 1:02PM in Pensions, annuities & retirement planning
i have a small Nest pension pot - an employer introduced the scheme shortly before i left the business..

i requested that LV transfer this small pot into my LV pension, to which i contribute on a monthly basis. they have written back to me and said that it isn't possible, but haven't expanded any further than that.

does anyone know whether i am likely to find that with other pension providers too? is Nest a difficult pension to transfer elsewhere?

i have an II SIPP, and pensions with LV, NFU Mutual, Royal London and Wesleyan.
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  • Mnd
    Mnd Posts: 1,699 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    I transferred my nest pension to hargreaves lansdown no problems
    No.79 save £12k in 2020. Total end May £11610
    Annual target £24000
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    LV pensions range from legacy pensions no longer able to be topped up or modern niche options not normally used in the mainstream and normally only available via an adviser.
    have an II SIPP, and pensions with LV, NFU Mutual, Royal London and Wesleyan.

    Chances are several of those are legacy plans as well.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    good Mnd..

    so for legacy pensions transferring into them is likely to be difficult?

    the LV pension is a former Teachers pension that i contribute to monthly. the NFUM and Wesleyan pensions were set up with them, as they are now, and i contribute monthly. the RLon pension is a scheme with a current employer.
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    so for legacy pensions transferring into them is likely to be difficult?

    Most legacy pensions are closed for new business and many for top ups. So, yes. Plus, most legacy pensions are not as good value as modern pensions.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Albermarle
    Albermarle Posts: 27,808 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    I would have thought that the II Sipp and your current workplace pension would accept a transfer .
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    dunstonh wrote: »
    Most legacy pensions are closed for new business and many for top ups.

    ok. as i say though, the LV pension i have is being topped up every month. all of my pensions can be topped up, as it happens.. and agreed Albermarle: i don't see much point in retaining a small Nest pot.
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    k. as i say though, the LV pension i have is being topped up every month.

    Is that a recently set up regular contribution? If its the original or close to start date regular premium then that would continue even if they have closed the contract to new business/top ups.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    a few months ago dunstonh.. after LV absorbed TA.
  • dunstonh
    dunstonh Posts: 119,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    planteria wrote: »
    a few months ago dunstonh.. after LV absorbed TA.

    You should be fine on that one then. If they allow new regular contributions in, they normally allow other new payments in.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • planteria
    planteria Posts: 5,322 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    with you, but they are the provider that has told me i can't transfer in.
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