NEST v former employer pension?

buel10

Hi all,

I have £11,000 in my Scottish Widows (now Royal London) pension from my former employer. My new employer has enrolled me in NEST. Do I have the option of changing my contributions to my old pension.....and should I?

Sorry for the broad question.

Marcon

If you mean will your employer pay to a scheme other than the one they have designated for auto enrolment (NEST), highly unlikely. They won't want the faff. You can always ask them if you think there are advantages to paying in to your Scottish Widows pension, assuming it is a personal pension.

Paul_Herring

Do I have the option of changing my contributions to my old pension.....

Depends on how many other employees your employer makes a special case for - each different scheme for each different set of employees with each scheme will require its own ongoing administration.

If you'd be the only employee who wants their contributions going into 'not the company scheme,' with everyone else using the company scheme, then I rather suspect not.

dunstonh

I have £11,000 in my Scottish Widows (now Royal London) pension

Scottish Widows and Royal London are not linked in any way. Are you sure these are the same pensions?

buel10

dunstonh wrote: »

Scottish Widows and Royal London are not linked in any way. Are you sure these are the same pensions?

I’m not as clear on this as I should be. Let me check.....

planteria

as above, i wouldn't have thought your employer will allow you to.

however, the important thing is to ensure that you maximise the benefits of your company scheme. if at some stage you leave your current employer you could then look to transfer your Nest pension elsewhere if that is what you want to do .

as it happens i'm looking to transfer my own little Nest pot, consolidating with one of my other pensions.. https://forums.moneysavingexpert.com/discussion/5939431/transferring-a-nest-pension

as dunston says, i don't think Royal London have acquired Scottish Widows policies. but perhaps your former employer transferred their scheme to RLon?:think:.