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Transfer into Nest - conflicting information from customer service
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gravel_2
Posts: 623 Forumite
My OH is auto-enrolled in Nest and has 3 or 4 previous workplace pensions. None have particularly large balances but I want to help her consolidate into her largest/current pot to keep it manageable.
Nest charges state they charge "a contribution charge of 1.8% on each new contribution into your pot" (I think this is very expensive but that's by the by). On transfers their site says "Nest won’t charge you to transfer your pension in or out, but other providers might.". Being a suspicious type, I read this as "the is no transfer fee" but that it is silent on the application of any contribution fee to transferred money.
Live chat with Nest confirmed 1.8% did apply. I then called and had it confirmed to me that the 1.8% does not apply and that I can ignore the chat.
Does anyone here know for certain?
Nest charges state they charge "a contribution charge of 1.8% on each new contribution into your pot" (I think this is very expensive but that's by the by). On transfers their site says "Nest won’t charge you to transfer your pension in or out, but other providers might.". Being a suspicious type, I read this as "the is no transfer fee" but that it is silent on the application of any contribution fee to transferred money.
Live chat with Nest confirmed 1.8% did apply. I then called and had it confirmed to me that the 1.8% does not apply and that I can ignore the chat.
Does anyone here know for certain?
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Comments
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The 1.8% fee does not apply to pension money transferred into Nest.gravel_2 said:My OH is auto-enrolled in Nest and has 3 or 4 previous workplace pensions. None have particularly large balances but I want to help her consolidate into her largest/current pot to keep it manageable.
Nest charges state they charge "a contribution charge of 1.8% on each new contribution into your pot" (I think this is very expensive but that's by the by). On transfers their site says "Nest won’t charge you to transfer your pension in or out, but other providers might.". Being a suspicious type, I read this as "the is no transfer fee" but that it is silent on the application of any contribution fee to transferred money.
Live chat with Nest confirmed 1.8% did apply. I then called and had it confirmed to me that the 1.8% does not apply and that I can ignore the chat.
Does anyone here know for certain?1 -
OP - please complain to NEST about the wrong information you were given. Being told to 'ignore the chat' simply isn't good enough.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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The 1.8% applies to contributions but not transfers. Transfers are not contributions.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.0
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Best to also have a look at the old pensions to see what benefits they might contain. If any are defined benefit schemes it's unlikely you can transfer them anyways.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.
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You can always transfer them (if you can find an adviser, where advice is mandatory), but not directly to NEST.Brie said:Best to also have a look at the old pensions to see what benefits they might contain. If any are defined benefit schemes it's unlikely you can transfer them anyways.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0
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