Nest pension, new job

chop_pete1433

Hi ive just started a new job with a firm who use Nest. i only earn £24k and im 59 years old. is Nest a good thing for me? thanks

GrumpyDil

Main point is that your employer will have a scheme whereby they match pension contributions with you up to an agreed amount so choosing not to join Nest would involve turning down free money which would be paid into Nest for you to use in some way when you retire or choose to access it. 

Marcon

chop_pete1433 said:

Hi ive just started a new job with a firm who use Nest. i only earn £24k and im 59 years old. is Nest a good thing for me? thanks

If you don't join you won't get the benefit of employer contributions - so yes, it's a good idea to join!

Marcon

GrumpyDil said:

Main point is that your employer will have a scheme whereby they match pension contributions with you up to an agreed amount so choosing not to join Nest would involve turning down free money which would be paid into Nest for you to use in some way when you retire or choose to access it. 

The employer doesn't have to match the employee's contributions. If the employee contributes, the requirement is for the employer to pay at least the legal minimum. 

Samuelsjourney

If its auto enrolment through Nest then would be 3% employer and 5% employee.
i earn a similar salary to you. No salary sacrifice so my Nest Pension is small. Where i can i save hard into a SIPP as well. Frugal today jam tomorrow.

tacpot12

You should check to see what fund you are invested in. You might be invested in a Retirement Date Fund that is linked to some notional retirement date that you might or might not have told your employer. 

At the very least you should make sure your Retirement Data Fund matches with the year that you think you will retire, but I would recommend considering whether you want to switch to one of the higher risk funds to try to maximise your pension savings. Doing so is risky, but might make sense in some situations. 

penners324

Are they paying salary sacrifice in Nest?

Yes the Nest pension is a good thing for you. Also login and check what it's invested in.