Transferring NEST contributions

Wendy_Brady · 13 September 2016 at 9:41AM

Can an employee who has been auto enrolled into NEST, transfer their and their employers contributions to a company pension scheme?

xylophone · 13 September 2016 at 2:51PM

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/helpcentre/contents/can-a-worker-transfer-their-money-out-of-nest.html

http://www.pensionsadvisoryservice.org.uk/about-pensions/pension-reform/changing-to-nest

But apparently there has been no definite announcement yet about 2017.

jamesd · 21 September 2016 at 9:00PM

Only if aged 55 or over.

There was a plan to allow transfers in and out when the scheme that would have low value pots follow members to new jobs was introduced. That pot follows member scheme has been scrapped and there is now no plan to legislate for it or the accompanying change to NEST. The NEST pages saying otherwise are outdated though you'll have to press them hard in chat or phone to get them to admit that there is no longer any legislative plan.

It will probably happen eventually but for now if you have a NEST pension you're stuck with NEST plus whatever you really want to have.

There is a plan to introduce a pensions dashboard with consolidated details from many firms in 2017 with NEST as one of the participants. So at least you may be able to see the current state of both in the same place, if your other one is also participating.

xylophone · 22 September 2016 at 12:17PM

https://www.nestpensions.org.uk/schemeweb/NestWeb/includes/public/docs/Rules-change-consultation-January-2016,PDF.pdf

may be of interest.

Transferring NEST contributions

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