Nest pension transfer to workplace pension?

gsg1911

Hi, I have a Nest personal pension (was a workplace pension until I left) which I pay a small amount of money into each month.

I have a workplace pension with my current employer which I hope to stick with until I retire in 17 years (hopefully). Just for context, I contribute 7% currently with my employer contributing 8%. That workplace pension is with Scottish Widows.

Is it worth my while transferring my Nest pension into my workplace pension? I appreciate that this may be a 'piece of string' type of question so please let me know if further information is required.

Many thanks,

R

Albermarle

The issue with Nest is that they take 1.8% from all your new contributions, other pension providers normally take zero.
On the other side their ongoing charge is only 0.3% including both management charge and investment charge.

So first you need to find out the charges for your workplace pension, bearing in mind there could be two separate charges. One for SW directly and one for the investment fund(s). 

BlackKnightMonty

Do you have any control over how your workplace pension is invested?

You do (to a limited extent) with NEST.

gsg1911

BlackKnightMonty said:

Do you have any control over how your workplace pension is invested?

You do (to a limited extent) with NEST.

Yes, I can but I think the 'default' is that it gets less risky in terms of where investments are placed as one gets closer to retirement. Personally, I'm not a big fan of risk per se.

Albermarle

gsg1911 said:

BlackKnightMonty said:

Do you have any control over how your workplace pension is invested?

You do (to a limited extent) with NEST.

Yes, I can but I think the 'default' is that it gets less risky in terms of where investments are placed as one gets closer to retirement. Personally, I'm not a big fan of risk per se.

Neither are most of us, but you have to be careful as trying to avoid risk too much, is a risk in itself.