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Nest (workplace pension) V alternative with surplus funds
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Morfx
Posts: 128 Forumite

Evening,
I have roughly 20 years until I retire and starting starting to plan ahead now..
( late I know)
My Nest workplace pension currently stands at 27k..
9k paid in by me,
11k by workplace
7k profit..
Now my question is... if I was going to add an extra monthly payment of £200 would this be worth just adding this to my current Nest pension scheme or take out a private pension with a different provider?
Not clued up on pensions..
Any help appreciated.
Cheeers
I have roughly 20 years until I retire and starting starting to plan ahead now..
( late I know)
My Nest workplace pension currently stands at 27k..
9k paid in by me,
11k by workplace
7k profit..
Now my question is... if I was going to add an extra monthly payment of £200 would this be worth just adding this to my current Nest pension scheme or take out a private pension with a different provider?
Not clued up on pensions..
Any help appreciated.
Cheeers
0
Comments
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Morfx said:Evening,
I have roughly 20 years until I retire and starting starting to plan ahead now..
( late I know)
My Nest workplace pension currently stands at 27k..
9k paid in by me,
11k by workplace
7k profit..
Now my question is... if I was going to add an extra monthly payment of £200 would this be worth just adding this to my current Nest pension scheme or take out a private pension with a different provider?
Not clued up on pensions..
Any help appreciated.
Cheeers
The downside is that NEST is one of the very few schemes to have a 'contribution charge' (1.8%) in respect of all new money paid into it. Even so, if simplicity is key, you still have several decades to go until retirement and the ongoing charges are pretty good.
Otherwise you might look at a personal pension - but probably not a SIPP (self invested personal pension) unless you actually want to get to grips with pensions and investments in some detail? If so, see https://www.moneysavingexpert.com/savings/cheap-sipps/Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
The performance of a pension is governed by how the money is invested within the pension. So as a simple example, if the money in Nest is in investment A and you also have money in another pension in investment A, it will perform exactly the same.
So before looking at changing providers, you should have a look how your Nest pension is invested and what alternative investments are in Nest.
As said already, Nest has a limited range of choice of investments and they are well explained on the website, so worth spending some time on a fact finding mission about your current pension.1
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