Nest and teachers pension

mlwillerton

I am a teacher and am putting contributions into my teachers pension.
I also work for an exam board and they have enrolled me to NEST.
The exam board tell me i am a Non Eligible Jobholder and therefore do not make their own contributions.
So now i am thinking having NEST is a bit pointless. Can i get my contributions for the last year out of there? Or is NEST still valuable?

Thanks

Matt

hugheskevi

I also work for an exam board and they have enrolled me to NEST. The exam board tell me i am a Non Eligible Jobholder and therefore do not make their own contributions.

This sounds contradictory. If you are a non-eligible jobholder you do not have to be automatically enrolled into the employer's pension scheme, but if you choose to opt-in then the employer has to contribute at least the statutory minimum employer contributions. Reference here.

NEST's page about the different types of workers for automatic enrolment is helpful too. Perhaps you are a worker without qualifying earnings (WWQE) or entitled worker, and your employer has referred to the wrong category.

I think the first step is to be clear yourself about what type of worker you are, and whether your employer agrees with this or not.

So now i am thinking having NEST is a bit pointless. Can i get my contributions for the last year out of there?

You can transfer them to another pension scheme, but it may well not be worth it given it is presumably a small amount.

Paul_Herring

https://www.nowpensions.com/glossary/non-eligible-workers/ may be helpful as well.

I'm guessing you don't earn enough to be *auto* enrolled, as well. But if you choose to be otherwise enrolled, then they should contribute as well.

xylophone

https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/automatic-enrolment/joining

A non-eligible jobholder is a person who doesn’t have to be auto-enrolled into a workplace pension.

They can ask to join your pension scheme, and you’ll have to pay monthly into their pension pots on a regular basis.

Paul_Herring

They can ask to join your pension scheme, and you’ll have to pay monthly into their pension pots on a regular basis.

One thing I'm personally not clear on having only glanced at the sites, its that employees deduction only, or is this forcing the employer to contribute their 3% as well?

mlwillerton

The employer is not contributing at all

Paul_Herring

mlwillerton wrote: »

The employer is not contributing at all

While this statement doesn't surprise me, my question was about whether they should be, if you did opt in....

xylophone

https://www.pensionsadvisoryservice.org.uk/about-pensions/pensions-basics/automatic-enrolment/joining

Non-eligible jobholders

Non-eligible jobholders, who are not already active members of a workplace pension scheme that meets certain minimum standards, do not have to be automatically enrolled in the employer’s workplace pension scheme, but do have the right to ask to join the scheme. They will also receive employer contributions.

Non-eligible jobholders are workers who either:

Are aged either between 16 and 21, or aged between State Pension Age and 74;
Earn over the earnings threshold, and
Work, or ordinarily work in the UK and have a contract of employment (i.e. so is an employee and not a self-employed contractor) or who have a contract to provide work and/ or services personally (so can’t sub-contract to a third party).

Or:

Are aged between 16 and 74;
Earn between the lower earnings amount and the earnings threshold ; and
Work, or ordinarily work in the UK and have a contract of employment (i.e. so is an employee and not a self-employed contractor) or who have a contract to provide work and/ or services personally (so can’t sub-contract to a third party).

Cheshiregrin

I don't know if this applies to you, but a friend recently cancelled his NEST contributions and got back everything both he and his employer had put in as well as a lot more due to the fund having grown so well. BUT he was only allowed to do this as he had not been paying in for 2 years. It was worth it for him.

Silvertabby

Cheshiregrin wrote: »

I don't know if this applies to you, but a friend recently cancelled his NEST contributions and got back everything both he and his employer had put in as well as a lot more due to the fund having grown so well. BUT he was only allowed to do this as he had not been paying in for 2 years. It was worth it for him.

Was your friend over 55?