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NEST payout query
Brie
Posts: 15,480 Ambassador
Hey all
I've just joined NEST!!! Well it seems silly not to get some extra money from my employer so I went for it. Even though I'm actually already semi retired and in receipt of one of my pensions.
Anyhoo - I've gone online and seen that there's a whopping £70 already sitting there for me. And I've updated my personal details like a good employee. And I've put my potential retirement date to when I'm 68 - as that seems likely. That's just over 3 years off so I suspect that at the current rate I may have just a tiddly amount that could be about £1200 total.
So what's the deal with NEST? I'm assuming it's a DC scheme which is fine. Will I simply be able to take the total as a lump sum in one go? Or will I have to transfer it into a SIPP or something? I'm looking at how to invest some other DC money in something so as long as that will accept more being paid into it I suppose I will be fine.
Sorry if I'm sounding the complete ninny here - normally I read through all the pension stuff in great detail but simply haven't had the brain space for it since starting my new role.
I've just joined NEST!!! Well it seems silly not to get some extra money from my employer so I went for it. Even though I'm actually already semi retired and in receipt of one of my pensions.
Anyhoo - I've gone online and seen that there's a whopping £70 already sitting there for me. And I've updated my personal details like a good employee. And I've put my potential retirement date to when I'm 68 - as that seems likely. That's just over 3 years off so I suspect that at the current rate I may have just a tiddly amount that could be about £1200 total.
So what's the deal with NEST? I'm assuming it's a DC scheme which is fine. Will I simply be able to take the total as a lump sum in one go? Or will I have to transfer it into a SIPP or something? I'm looking at how to invest some other DC money in something so as long as that will accept more being paid into it I suppose I will be fine.
Sorry if I'm sounding the complete ninny here - normally I read through all the pension stuff in great detail but simply haven't had the brain space for it since starting my new role.
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Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
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Comments
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So what's the deal with NEST? I'm assuming it's a DC scheme which is fine.it is.Will I simply be able to take the total as a lump sum in one go?yesI'm looking at how to invest some other DC money in something so as long as that will accept more being paid into it I suppose I will be fine.probably best not to use NEST for that as they have an intiial charge. That is almost unique nowadays. For the employer money that is acceptable as you have no choice. However, for your own additional money, you do have the choice and using an individual scheme for that may be better.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
@dunstonh
no worries about transferring into NEST! No - it will be a more standard SIPP or some investment funds or some such. Just need to get myself organised about it at some point.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
Check your state pension on: Check your State Pension forecast - GOV.UK
"Never retract, never explain, never apologise; get things done and let them howl.” Nellie McClung
⭐️🏅😇🏅🏅🏅0 -
For clarity - the initial contribution charge only applies to money paid into NEST by you or your employer. A transfer to NEST from another existing scheme does not have an initial charge.Brie said:@dunstonh
no worries about transferring into NEST! No - it will be a more standard SIPP or some investment funds or some such. Just need to get myself organised about it at some point.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
Then the ongoing charge for Nest is pretty low at 0.3% .0
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