Anyone cashed in a NEST pension?

Truro_Paul

Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for.

However, there are quite a few one star reviews on Trip Advisor stating that the process takes forever and that NEST keep stalling and asking for additional ID etc after promising to pay. I have been told by NEST it will take 15 working days to send the funds (so 13 now) but do any forum members have experience of this process with NEST and if so how was it for you? 

Marcon

Truro_Paul said:

Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for.

However, there are quite a few one star reviews on Trip Advisor stating that the process takes forever and that NEST keep stalling and asking for additional ID etc after promising to pay. I have been told by NEST it will take 15 working days to send the funds (so 13 now) but do any forum members have experience of this process with NEST and if so how was it for you? 

Why would anyone review a pension scheme on Trip Advisor? 

Truro_Paul

Marcon said:

Truro_Paul said:

Hi, I'm over 55 and have just £1,000 in a NEST pension for a job I diid over 5 years ago. This is not my main pension and I would like to cash it in and close the account to pay for a holiday. Have to say the process was straightforward on their website and have provided the bank statement they asked for.

However, there are quite a few one star reviews on Trip Advisor stating that the process takes forever and that NEST keep stalling and asking for additional ID etc after promising to pay. I have been told by NEST it will take 15 working days to send the funds (so 13 now) but do any forum members have experience of this process with NEST and if so how was it for you? 

Why would anyone review a pension scheme on Trip Advisor? 

Oops, wrong one, I meant Trust Pilot, thanks for spotting this...!

Marcon

Wonderful vision of NEST being a tourist attraction!!

Truro_Paul

Marcon said:

Wonderful vision of NEST being a tourist attraction!!

Seems there are a few disgruntled customers who would like to pay them a visit...

Marcon

Truro_Paul said:

Marcon said:

Wonderful vision of NEST being a tourist attraction!!

Seems there are a few disgruntled customers who would like to pay them a visit...

NEST is a vast scheme and very many of the employers/members with whom they deal are complete novices when it comes to pensions - and many have little grasp of technology. Given that mix, it's no surprise that there are complaints. Some will be justified, others are simply hopeless misunderstandings and unrealistic expectations of how a pension scheme operates.

dunstonh

However, there are quite a few one star reviews on Trip Advisor stating that the process takes forever and that NEST keep stalling and asking for additional ID etc after promising to pay.

This is the problem with reviews.  Many of them are not the fault of Nest but a lack of understanding by the individual.

I am no fan of NEST.   I don't believe taxpayers money should have been used to create a commercial entity in an efficient market.  There has also been market creep into other areas where there is an efficient market.  

They have had some inefficient and obsolete ways of doing things in the past, such as needing discharge forms, but they are not as bad as they used to be.   They are still slow compared to commercial providers but faster than they used to be.

However, one of the most common drags on their service is actually an issue with all auto-enrolment and applies to all AE providers and that is the lag between the employer telling the provider that the employee has left employment.  It can be up to 2 months with some employees, and if the pension provider still believes the person is an active member, there are limited things they can do (such as full transfers out, full UFPLS, etc).

the AE provider will get blamed for something that they are not in control of.

Truro_Paul

Thanks for the replies, helps put things in perspective and I see NEST has over 11 million members and so the dozen or so bad reviews I have read must represent a fraction of the number who have requested to cash in their pensions.
Anyway, time will tell...

BlackKnightMonty

Let us know how you get on; either way.

Truro_Paul

BlackKnightMonty said:

Let us know how you get on; either way.

Will do! It took ReAssure 23 working days to set up my Retirement Account so I'm not holding my breath

unforeseen

It took Nest less than a fortnight to pay out my accrued pension without asking for any additional ID