Anyone cashed in a NEST pension?

Truro_Paul

unforeseen said:

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

That is good to hear and to their credit they have acknowledged the bank statement I uploaded via the email portal after just four working days which puts ReAssure to shame.

Truro_Paul

Well not sure what to make of this process. NEST are claiming not to recognise the British bank that has won all these awards:

Banking Brand of the Year

Which?
June

Company of the Year

WeAreTheCity
May

Best Business Current Account Provider

British Bank Awards
May

FinTech's Top 100 Women - Anne Boden listed

FinTech magazine
March

Best FinTech campaign - Make Women’s Football Equal

PRCA City and Financial Awards
March

Best Foreign Currency Account

Good Money Guide Awards
March

Best Current Account - Finder Customer Satisfaction Award

... and so have asked me to fill in a form and send it to them along with bank statements and my declaration that I have taken advice from Pension Wise (which I have).

Five days later no sign of any cash that I have asked for but instead an email informing me I have eleven years until my retirement (true) and only £1,0XX.XX in my NEST pension to which I am not making contributions (true) and look at all these fantastic services they offer (thanks, but this is not my main pension).

So it seems the online reviews claiming they engage in delaying tactics - perhaps in the hope you might change your mind - might have some truth in them after all. 

dunstonh

Truro_Paul said:

Well not sure what to make of this process. NEST are claiming not to recognise the British bank that has won all these awards:

Banking Brand of the Year

Which?
June

Company of the Year

WeAreTheCity
May

Best Business Current Account Provider

British Bank Awards
May

FinTech's Top 100 Women - Anne Boden listed

FinTech magazine
March

Best FinTech campaign - Make Women’s Football Equal

PRCA City and Financial Awards
March

Best Foreign Currency Account

Good Money Guide Awards
March

Best Current Account - Finder Customer Satisfaction Award

... and so have asked me to fill in a form and send it to them along with bank statements and my declaration that I have taken advice from Pension Wise (which I have).

Five days later no sign of any cash that I have asked for but instead an email informing me I have eleven years until my retirement (true) and only £1,0XX.XX in my NEST pension to which I am not making contributions (true) and look at all these fantastic services they offer (thanks, but this is not my main pension).

So it seems the online reviews claiming they engage in delaying tactics - perhaps in the hope you might change your mind - might have some truth in them after all. 

Who is the bank?     In my experience, providers do not like the payment services who pretend to be banks but are actually not banks.

Dazed_and_C0nfused

dunstonh said:

Truro_Paul said:

Well not sure what to make of this process. NEST are claiming not to recognise the British bank that has won all these awards:

Banking Brand of the Year

Which?
June

Company of the Year

WeAreTheCity
May

Best Business Current Account Provider

British Bank Awards
May

FinTech's Top 100 Women - Anne Boden listed

FinTech magazine
March

Best FinTech campaign - Make Women’s Football Equal

PRCA City and Financial Awards
March

Best Foreign Currency Account

Good Money Guide Awards
March

Best Current Account - Finder Customer Satisfaction Award

... and so have asked me to fill in a form and send it to them along with bank statements and my declaration that I have taken advice from Pension Wise (which I have).

Five days later no sign of any cash that I have asked for but instead an email informing me I have eleven years until my retirement (true) and only £1,0XX.XX in my NEST pension to which I am not making contributions (true) and look at all these fantastic services they offer (thanks, but this is not my main pension).

So it seems the online reviews claiming they engage in delaying tactics - perhaps in the hope you might change your mind - might have some truth in them after all. 

Who is the bank?     In my experience, providers do not like the payment services who pretend to be banks but are actually not banks.

Looks Iike it's Starling.

wjr4

Remember that if you take any taxable income, you will be subject to the Money Purchase Annual Allowance in future. 

Truro_Paul

Dazed_and_C0nfused said:

dunstonh said:

Truro_Paul said:

Well not sure what to make of this process. NEST are claiming not to recognise the British bank that has won all these awards:

Banking Brand of the Year

Which?
June

Company of the Year

WeAreTheCity
May

Best Business Current Account Provider

British Bank Awards
May

FinTech's Top 100 Women - Anne Boden listed

FinTech magazine
March

Best FinTech campaign - Make Women’s Football Equal

PRCA City and Financial Awards
March

Best Foreign Currency Account

Good Money Guide Awards
March

Best Current Account - Finder Customer Satisfaction Award

... and so have asked me to fill in a form and send it to them along with bank statements and my declaration that I have taken advice from Pension Wise (which I have).

Five days later no sign of any cash that I have asked for but instead an email informing me I have eleven years until my retirement (true) and only £1,0XX.XX in my NEST pension to which I am not making contributions (true) and look at all these fantastic services they offer (thanks, but this is not my main pension).

So it seems the online reviews claiming they engage in delaying tactics - perhaps in the hope you might change your mind - might have some truth in them after all. 

Who is the bank?     In my experience, providers do not like the payment services who pretend to be banks but are actually not banks.

Looks Iike it's Starling.

Sorry, that was slightly 'toys out the pram' but just find it all so frustrating.

Yes a current account with Starling since 2019 and which wasn't a problem for Student Finance England (postgraduate loan) or ReAssure.

I have a LGPS pension that is for my retirement, this NEST cash was just for a long awaited holiday abroad after Covid etc and I want to get on and book it. 

xylophone

Remember that if you take any taxable income, you will be subject to the Money Purchase Annual Allowance in future

More nuanced than that.

https://techzone.abrdn.com/public/pensions/Guide-Individuals-Contributions#:~:text=If an individual has taken,unused allowances from earlier years.

Truro_Paul

Update for anyone interested.

Still no money or news.

The Online Chat on the website is basically only any good if you are feeling lonely and want a text chat with someone, they certainly can't tell you anything useful

However, I got through quickly on the phone and the call centre staff were really helpful and even gave me a call back to confirm the actions they had taken. Seems a letter they sent on 29th April is lost in the post, which to be fair is all too common with Royal Mail at present. Another has been sent and once I receive that and give them a call they can proceed with the payout.

penners324

Truro_Paul said:

Update for anyone interested.

Still no money or news.

The Online Chat on the website is basically only any good if you are feeling lonely and want a text chat with someone, they certainly can't tell you anything useful

However, I got through quickly on the phone and the call centre staff were really helpful and even gave me a call back to confirm the actions they had taken. Seems a letter they sent on 29th April is lost in the post, which to be fair is all too common with Royal Mail at present. Another has been sent and once I receive that and give them a call they can proceed with the payout.

Any letter that Nest send out is also available in the portal.

Truro_Paul

Thanks for replying. I did press them on this but they stated in both calls that this letter was posted and was not the email letter I received on 05 May asking me to complete a bank details form and return it (done). It may be a security measure to ensure the address I have provided is correct (it has changed since i last paid into that pension). 
Suddenly I am not so confident...