LifePlan vs. NEST

kenzie123

Hello
Has anyone had to choose between these before?
What are the pros and cons ?

I currently have NEST - my employers offers the option to switch to LifePlan which I may have to do so I can increase my contributions (NEST is a fixed amount apparently)

Any thoughts before I make this decision?

Is it easy to transfer my current NEST amount into the Lifeplan scheme or is it worth leaving it where it is until I retire? (it's around £15k at the moment)

thank you for any advice

Marcon

kenzie123 said:

Hello
Has anyone had to choose between these before?
What are the pros and cons ?

I currently have NEST - my employers offers the option to switch to LifePlan which I may have to do so I can increase my contributions (NEST is a fixed amount apparently)

Any thoughts before I make this decision?

Is it easy to transfer my current NEST amount into the Lifeplan scheme or is it worth leaving it where it is until I retire? (it's around £15k at the moment)

thank you for any advice

You can make extra personal contributions to NEST if you wish to do so. What is 'fixed' about the amount - possibly the amount you can make via salary sacrifice, because your employer can't cope with changing it (although not sure why, so worth asking them if that's the case)?

Easy to transfer your NEST pension, but whether it is 'worth' leaving it where it is depends on fund performance/ongoing charges in comparison to what might be available from Aviva.

You'll have far greater fund choices with Aviva, but the costs might also be higher, so check those.

There is a hefty contribution charge with NEST (you pay a one-off 1.8% charge on any new personal/employer contributions) plus ongoing charges, so you need to take both of these charges into account when comparing with Aviva.

dunstonh

Never heard of lifeplan.   A google search indicates several workplace pension schemes use this as a marketing name.  

What are the pros and cons ?

You need to compare the two.  Without knowing what lifeplan is, we cannot help you on that.

Is it easy to transfer my current NEST amount into the Lifeplan scheme or is it worth leaving it where it is until I retire? (it's around £15k at the moment)

Defined contribution plans with no safeguarded benefits are easy to transfer but whether it is best or not we cannot say.