Anyone cashed in a NEST pension?

Truro_Paul

@penners324

I will once I have received the money, not giving them any excuses to delay it further whilst NEST investigate what happened (or whatever). 

Truro_Paul

Money finally received yesterday, So that took 33 working days, numerous phone calls and have had to fork out for three special deliveries. In the end they paid it into a different account to the one I confirmed on the phone with them but as well as the money I have also received a letter with the breakdown of the tax etc.

Would have been a lot sooner if NEST accepted award-winning internet UK bank accounts and also if the call centre staff were trained to say "Our reference number" rather than going on about a 'special code" within the letters they send. 

Bye bye NEST, may our paths never cross again...

RueyE

Dear me what a total nightmare service from NEST.
I too have got a small NEST pension, that like yourself is not my main pension, and it was my intention to cash it in as there is only about 6k in it.
I've still got a few years before I intend to cash it in, and just wondering how long I need to give them in order to complete the whole process. Years maybe!!!

Sorry you have experienced such mis-treatment and unprofessional service from NEST.

butterflyballoon

Thank you for this thread. Very glad you got your money, but what a palaver! This discussion came up on Google when I searched for whether NEST pensions were any good, one for me (self-employed) and my son (aged 20 and too young to be eligible for an auto-enrolment, but want to start him off young and get in the habit of it, like wot I didn't). Not too keen to go down the NEST route now!

dunstonh

butterflyballoon said:

Thank you for this thread. Very glad you got your money, but what a palaver! This discussion came up on Google when I searched for whether NEST pensions were any good, one for me (self-employed) and my son (aged 20 and too young to be eligible for an auto-enrolment, but want to start him off young and get in the habit of it, like wot I didn't). Not too keen to go down the NEST route now!

Nest wasnt created to offer plans to self employed people.    Unfortunately, mission creep meant they now do it.  Using taxpayers money to allow them to compete with the retail market is wrong in my opinion.       You have plenty of alternative providers to select from.

however, be wary of threads like this.  They are not always a good reflection of reality across all people.  For example, I keyed a pension transfer in from three providers on 5th June.   Aviva arrived 10th June, Aegon Scot Eq arrived 14th June and Nest arrived 17th June.    Nest were still the slowest but that was fast for them and they have improved their methods and their timescales compared to not that very long ago.

BlackKnightMonty

For balance, I’ve never had any issues with NEST and my pension is growing nicely (Sharia Fund).

Truro_Paul

dunstonh said:

butterflyballoon said:

Thank you for this thread. Very glad you got your money, but what a palaver! This discussion came up on Google when I searched for whether NEST pensions were any good, one for me (self-employed) and my son (aged 20 and too young to be eligible for an auto-enrolment, but want to start him off young and get in the habit of it, like wot I didn't). Not too keen to go down the NEST route now!

Nest wasnt created to offer plans to self employed people.    Unfortunately, mission creep meant they now do it.  Using taxpayers money to allow them to compete with the retail market is wrong in my opinion.       You have plenty of alternative providers to select from.

however, be wary of threads like this.  They are not always a good reflection of reality across all people.  For example, I keyed a pension transfer in from three providers on 5th June.   Aviva arrived 10th June, Aegon Scot Eq arrived 14th June and Nest arrived 17th June.    Nest were still the slowest but that was fast for them and they have improved their methods and their timescales compared to not that very long ago.

I agree that this was my personal experience and not typical of everyone. On reflection, the biggest issue was the use of the overseas call centres as they aren't familiar with the nuances of our language and this led to confusion and delays. An example of this was being told I would receive a letter with a "special code" to quote on the phone when what they meant was "our reference number". Also NEST need to wake up to internet banking and accept UK online bank accounts that are FCA certificated (as ReAssure do) or make it crystal clear why they don't, rather than vague statements like "We have been unable to verify your bank account".

These two issue combined delayed the process by at least 10 working days but also wasted my time and left me uncertain and frustrated