Transferring from Nest to Private Pension

Deeping_Dave

Hi there,

I have a small pension built up over the last few years in the Governments NEST scheme. I've recently changed accountant and I now earn under the threshold for auto enrolment. Obviously I'm drawing a dividend each year for tax purposes. He's suggested I look for a Personal Pension scheme and invest as much as I can in it. Is it literally a case of checking out scheme after scheme to check performance thus far? Or speak to an IFA ? I'm doing as much research as I can but it's daunting knowing where to place my contributions.

xylophone

Do you mean that you have your own company and work for it?

You chose NEST as your company scheme?

Or you worked for another employer and were a member of NEST through that employment?

You don't look for performance in a pension scheme but rather of the investments within the scheme. You would also look at fees and charges.

If you have little experience in investing, you could take advice from an IFA.

https://adviserbook.co.uk/

You would tick "confirmed independent" and such other specialisms as you require.

Otherwise, you might choose something like Vanguard's offering and consider a target retirement fund.

https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account

Or https://www.pensionbee.com/pensions-explained/pension-basics/how-to-choose-a-pension

Or a personal pension  through the likes of Aviva, Standard Life,  Fidelity  etc etc consider the information here

https://monevator.com/low-cost-index-trackers/

Deeping_Dave

xylophone said:

Do you mean that you have your own company and work for it?

You chose NEST as your company scheme?

Or you worked for another employer and were a member of NEST through that employment?

You don't look for performance in a pension scheme but rather of the investments within the scheme. You would also look at fees and charges.

If you have little experience in investing, you could take advice from an IFA.

https://adviserbook.co.uk/

You would tick "confirmed independent" and such other specialisms as you require.

Otherwise, you might choose something like Vanguard's offering and consider a target retirement fund.

https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account

Or https://www.pensionbee.com/pensions-explained/pension-basics/how-to-choose-a-pension

Or a personal pension  through the likes of Aviva, Standard Life,  Fidelity  etc etc consider the information here

https://monevator.com/low-cost-index-trackers/

Thanks for the reply. Yes sorry bit vague. I have my own company and we've adjusted my wages as I now take a bigger dividend. Thus I'm below the 10k enrolment threshold. I'm not sure whether to just continue putting money into NEST personally or as my accountant suggested look for a personal pension. I'll look through all the links above thanks for your advice.

xylophone

 thanks for your advice.

Just suggestions for research - giving advice not permitted on the forum!

With regard to NEST, had you come across this? Might be worth a read.

https://moneytothemasses.com/saving-for-your-future/pensions/nest-pension-what-is-it-and-is-it-any-good

Bimbly

Is it a limited company? It's often better for your company to make the contributions:

https://www.unbiased.co.uk/life/small-business/contributing-to-your-pension-via-a-limited-company-explained

dunstonh

I have a small pension built up over the last few years in the Governments NEST scheme.

Just for reference, NEST is not the Government.   NEST has a commercial advantage as it can borrow from the Government but that is all.

 I've recently changed accountant and I now earn under the threshold for auto enrolment. Obviously I'm drawing a dividend each year for tax purposes.

You wouldn't qualify for auto-enrolment anyway. Shareholding directors are exempt.

If you were following auto-enrolment before and not doing salary sacrifice then whoever told you to do that way misled you.

 He's suggested I look for a Personal Pension scheme and invest as much as I can in it. Is it literally a case of checking out scheme after scheme to check performance thus far?

The performance will be the same for most of the main pension schemes available today as they are mostly whole of market.  i.e. you can hold the same investments on each.

penners324

If you're accountant suggested autoenrollment with NEST in your circumstances then serious questions need asking.

You could look at PensionBee, Penfold numerous others or stay with NEST