Multiple Nest Pensions

MrWrighty

My daughter has multiple Nest pensions with different employers rather than them contribute to her existing scheme.
I understand she can merge these to a single account but I believe this cannot be done online.
As she contributed to each of these for less than 2 years for each pot, can she get the money back and if so what is she entitled to, just her contributions or all the contributions including those from her employer and would they be subject to tax.

molerat

She cannot withdraw the funds if under 55 except in limited circumstances.  The only way to receive a refund of contributions is by opting out within the 30 day window when they will be returned to the employer for them to repay your share.

MrWrighty

molerat said:

She cannot withdraw the funds if under 55 except in limited circumstances.  The only way to receive a refund of contributions is by opting out within the 30 day window when they will be returned to the employer for them to repay your share.

Ah OK, I was sure if there was a minimum contribution period where funds could be returned. Thanks for clearing that up.

dunstonh

MrWrighty said:

molerat said:

She cannot withdraw the funds if under 55 except in limited circumstances.  The only way to receive a refund of contributions is by opting out within the 30 day window when they will be returned to the employer for them to repay your share.

Ah OK, I was sure if there was a minimum contribution period where funds could be returned. Thanks for clearing that up.

Defined benefit schemes often have a 2 year period that allow refunds (although refund is usually the worst option. Transfer is usually the best).  Defined contribution schemes do not.

Albermarle

My daughter has multiple Nest pensions with different employers rather than them contribute to her existing scheme.
I understand she can merge these to a single account but I believe this cannot be done online.

Just FYI, there is nothing to stop you transferring the NEST pensions to another provider altogether , if you wanted to .

The exception would probably be the current NEST pension, as employers are usually reluctant to pay contributions to more than one provider due to admin reasons.

MrWrighty

As she now has a non Nest company pension, I presume she can have the Nest as paid up and leave it in place. What are the options should she move jobs in the future that require a Nest pension to be set up.

molerat

She can leave the Nest pensions where they are or move them somewhere else.  If she starts another job that uses Nest there is a fair chance she will get another account with them, most employers find it easier to start from scratch.

Albermarle

MrWrighty said:

As she now has a non Nest company pension, I presume she can have the Nest as paid up and leave it in place. What are the options should she move jobs in the future that require a Nest pension to be set up.

'Paid Up' is not really the correct expression . She has pensions that are still active but that she has stopped contributing to .
She could start contributing to them again ( usually that is OK ) leave them alone , or transfer one into the other , or transfer them all into a new one , or some combination of all options .

xylophone

Will her current pension scheme accept a transfer in of the old Nest pensions?