Transfer into Nest - conflicting information from customer service

gravel_2

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?

Albermarle

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?

The 1.8% fee does not apply to pension money transferred into Nest.

Marcon

OP - please complain to NEST about the wrong information you were given. Being told to 'ignore the chat' simply isn't good enough. 

dunstonh

The 1.8% applies to contributions but not transfers.   Transfers are not contributions.

Brie

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.  

Marcon

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.  

You can always transfer them (if you can find an adviser, where advice is mandatory), but not directly to NEST.