Nest or Now?

LoveMyKittyCats

Hello!

I would like to continue with my pension as a self employed but got two different pensions already created from my previous jobs: Nest & Now. Would like to unify them and just keep one. Any advice of which one is better or the best way to do this?

Thanks in adavance.

Marcon

LoveMyKittyCats said:

Hello!

I would like to continue with my pension as a self employed but got two different pensions already created from my previous jobs: Nest & Now. Would like to unify them and just keep one. Any advice of which one is better or the best way to do this?

Thanks in adavance.

Possibly transferring them both to a new provider would be worth considering. NEST has very limited investment choices and a hefty (1.8%) contribution fee for all 'new' money; and Now pensions have to be set up a on a 'net pay' basis, which is more faff for you than being in a relief at source scheme. 

Have a look at https://www.moneyhelper.org.uk/en/pensions-and-retirement/pensions-basics/pensions-for-self-employed-people

Albermarle

I agree with the above and just to add it is very easy to set up a new pension online and request a transfer of other pensions into it.
The only issue is that you will have to decide how to invest the money in the new pension. There are many guidelines on how to do this ( including reading this forum) but you will not get and direct personal advice.
Unless you go to a 'robo advisor' pension, where they will direct you to a suitable investment after asking you a few questions. However their fees are a bit higher than the cheaper ones.