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    • dunstonh
    • By dunstonh 16th Nov 17, 3:26 PM
    • 92,949 Posts
    • 60,326 Thanks
    dunstonh
    • #2
    • 16th Nov 17, 3:26 PM
    • #2
    • 16th Nov 17, 3:26 PM
    Why do NEST insist on completion of discharge forms by providers when no other pension provider out there does the same?

    This issue has popped on the forum several times. Providers won't fill them in. Nest insists on it and you get deadlock. Completion of discharge forms is very 1990s. Is it about time NEST stopped creating this block?
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • datlex
    • By datlex 16th Nov 17, 6:18 PM
    • 1,651 Posts
    • 1,548 Thanks
    datlex
    • #3
    • 16th Nov 17, 6:18 PM
    • #3
    • 16th Nov 17, 6:18 PM
    Why when using the increased premiums form to predict effect of increases in contributions, does it not allow you to put multiple increases? We know that there are increases to come (statutory minimums). Given that you don't have to put in these minimums into the increase it would suggest these are not taken account of.
    • mark1959
    • By mark1959 16th Nov 17, 6:50 PM
    • 310 Posts
    • 347 Thanks
    mark1959
    • #4
    • 16th Nov 17, 6:50 PM
    • #4
    • 16th Nov 17, 6:50 PM
    Why does nest insist on signed forms of identification when other pension providers accept I am who I am? Not only that, but signed by certain professions but not others? And not even retired ones. It's all very 1920's.
    Also, is it possible to draw an amount out each year under flexible drawdown it may be called, where 25% of the amount I draw out is tax free, the other subject to tax? The web site doesn't mention this, but then my main pension provider [Sanlam] discouraged this also,
    • NEST Pensions
      Verified User verified user
    • By NEST Pensions Verified User verified user 17th Nov 17, 2:55 PM
    • 12 Posts
    • 2 Thanks
    NEST Pensions
    • #5
    • 17th Nov 17, 2:55 PM
    • #5
    • 17th Nov 17, 2:55 PM
    Hi, thanks for your feedback. I'll follow this up with the relevant team here and come back to you.
    Official Company Representative
    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
    • Zanderman
    • By Zanderman 17th Nov 17, 5:31 PM
    • 1,589 Posts
    • 4,100 Thanks
    Zanderman
    • #6
    • 17th Nov 17, 5:31 PM
    • #6
    • 17th Nov 17, 5:31 PM
    Hi Nest Pensions, good to see you back on MSE (and officially this time!)

    The questions below (already mentioned by others above) are adapted from my post on another NEST thread here:http://forums.moneysavingexpert.com/showthread.php?t=5733909 (still unanswered... )

    Could you address the problems people are reporting regularly re NEST - which relate to transfers in. You, NEST, insist on the previous pension provider filling in a form whereas the convention is that the previous pension provider expects you, NEST, to fill in a form.

    There are reports on this forum that this approach goes on for months, with both sides blaming the other. Do NEST have any comment and/or a solution to this?

    Here are three other threads about this:
    http://forums.moneysavingexpert.com/showthread.php?t=5731390
    http://forums.moneysavingexpert.com/showthread.php?t=5665098
    http://forums.moneysavingexpert.com/showthread.php?t=5732027
    • dunstonh
    • By dunstonh 17th Nov 17, 7:07 PM
    • 92,949 Posts
    • 60,326 Thanks
    dunstonh
    • #7
    • 17th Nov 17, 7:07 PM
    • #7
    • 17th Nov 17, 7:07 PM
    Could you address the problems people are reporting regularly re NEST - which relate to transfers in. You, NEST, insist on the previous pension provider filling in a form whereas the convention is that the previous pension provider expects you, NEST, to fill in a form.
    I will just clarify that as its linked to my comment further up.

    Most providers do not fill in discharge forms. In fact nowadays, most providers don't need discharge forms at all as they use the origo options system for transfers.

    However, where one side or both do not use that system, discharge forms are still usually required but only for the client signature. The discharge forms still usually have the boxes for completion by the receiving scheme but no provider fills them in (although some have just moved to a request to transfer form which is usually no more than a single side of A4 with a couple of sentences). The providers issue each other with all the details that each other needs to complete the transfer (like a data sheet).

    NEST is virtually unique in insisting that the other provider writes in handwriting all that info from the datasheet onto the NEST form and sign it. Most providers refuse to that as it is time-consuming and expensive. Although, NEST just borrows money from taxpayers. So, efficiency is not likely to be its strong point.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Alexland
    • By Alexland 17th Nov 17, 7:36 PM
    • 2,544 Posts
    • 1,928 Thanks
    Alexland
    • #8
    • 17th Nov 17, 7:36 PM
    • #8
    • 17th Nov 17, 7:36 PM
    Wow very brave of Nest to join this forum given all the recent unresolved difficulties people have experienced trying to transfer pensions to Nest to benefit from the low ongoing fees.

    Most providers are very pleased to grow their assets under management so it's really odd that Nest are not willing to follow industry standard protocol.

    Why should a loosing provider have to complete the gaining providers paperwork? It should be the other way around.

    Nest are setting customers up with a very difficult problem and they end up here asking for help.

    Also in terms of improving the proposition -

    1) I think Next need to reconsider their Foundation investment phase. I know people don't like to see losses but it makes no sense to apply a conservative investment approach when some of the best growth can be achieved in the early years of investing.

    2) I don't understand why Nest charge a high fee for recieving a regular contribution and zero fee for recieving a transfer which is much harder? Wouldn't it be better and more consistent to have a slightly lower fee for both?

    Alex.
    Last edited by Alexland; 17-11-2017 at 7:47 PM.
    • NEST Pensions
      Verified User verified user
    • By NEST Pensions Verified User verified user 20th Nov 17, 9:32 AM
    • 12 Posts
    • 2 Thanks
    NEST Pensions
    • #9
    • 20th Nov 17, 9:32 AM
    • #9
    • 20th Nov 17, 9:32 AM
    Hi all, thanks for your posts and all the feedback. We are now reviewing these and will respond.
    Official Company Representative
    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
    • Zanderman
    • By Zanderman 20th Nov 17, 9:59 AM
    • 1,589 Posts
    • 4,100 Thanks
    Zanderman
    Wow very brave of Nest to join this forum given all the recent unresolved difficulties people have experienced trying to transfer pensions to Nest to benefit from the low ongoing fees.
    Originally posted by Alexland
    I wouldn't call it 'brave'. It's common sense.

    If Nest know what they're doing with their transfer system they should be able to address the concerns perfectly well and answer our questions.

    If they don't know what they're doing they need to find out what they're doing wrong and address it.

    I'd call it (overdue) customer service and (hopefully) listening to customer feedback.

    Brave would imply they might be scared - and they shouldn't be. We don't want to scare them, we want them to help.
    • bigadaj
    • By bigadaj 20th Nov 17, 2:12 PM
    • 10,815 Posts
    • 7,138 Thanks
    bigadaj
    I wouldn't call it 'brave'. It's common sense.

    If Nest know what they're doing with their transfer system they should be able to address the concerns perfectly well and answer our questions.

    If they don't know what they're doing they need to find out what they're doing wrong and address it.

    I'd call it (overdue) customer service and (hopefully) listening to customer feedback.

    Brave would imply they might be scared - and they shouldn't be. We don't want to scare them, we want them to help.
    Originally posted by Zanderman

    Or it's the corporate view of social media engagement whereby they are reaching out, but in actual fact little will be done.
    • Zanderman
    • By Zanderman 20th Nov 17, 6:55 PM
    • 1,589 Posts
    • 4,100 Thanks
    Zanderman
    Or it's the corporate view of social media engagement whereby they are reaching out, but in actual fact little will be done.
    Originally posted by bigadaj
    Very possibly!!

    But if Nest want those transfers in they need to help people achieve it.

    So actually it would make corporate sense for something to be done.

    But as they haven't sorted this out already perhaps they don't have any corporate sense?
    • datlex
    • By datlex 23rd Nov 17, 12:07 AM
    • 1,651 Posts
    • 1,548 Thanks
    datlex
    Be interesting to see how long it takes them to answer. I had to ask the same question (different to the one here) on their website three times before I could actually get to the answer I wanted.
    • Malchester
    • By Malchester 23rd Nov 17, 3:01 AM
    • 101 Posts
    • 55 Thanks
    Malchester
    No answers from NEST yet - that says something. Why come on here if they are not going to give answers?
    • Malthusian
    • By Malthusian 23rd Nov 17, 10:06 AM
    • 4,228 Posts
    • 6,656 Thanks
    Malthusian
    Patience, everyone, the relevant team clearly has a 20 working day tunaround
    • mark1959
    • By mark1959 23rd Nov 17, 6:57 PM
    • 310 Posts
    • 347 Thanks
    mark1959
    To be fair, the cricket's started.
    • NEST Pensions
      Verified User verified user
    • By NEST Pensions Verified User verified user 24th Nov 17, 4:29 PM
    • 12 Posts
    • 2 Thanks
    NEST Pensions
    Response on identity verification and drawdowns
    Why does nest insist on signed forms of identification when other pension providers accept I am who I am? Not only that, but signed by certain professions but not others? And not even retired ones. It's all very 1920's.
    Also, is it possible to draw an amount out each year under flexible drawdown it may be called, where 25% of the amount I draw out is tax free, the other subject to tax? The web site doesn't mention this, but then my main pension provider [Sanlam] discouraged this also,
    Originally posted by mark1959
    Apologies for our delayed response to your post. It is correct that we require evidence from members for account changes. For security reasons, and in the member!!!8217;s interest, it is important that we confirm someone!!!8217;s identity before we make changes to their account. Unlike many other types of pension schemes, identity verification is not done when members are enrolled into an auto enrolment scheme. The data is sent to us by the employer.

    In response to your question about drawdowns, for more information about how you can take your money out of NEST, go to:
    https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-take-my-money-out-of-nest.html
    Last edited by NEST Pensions; 27-11-2017 at 12:06 PM. Reason: Updating comment
    Official Company Representative
    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
    • NEST Pensions
      Verified User verified user
    • By NEST Pensions Verified User verified user 25th Nov 17, 11:19 AM
    • 12 Posts
    • 2 Thanks
    NEST Pensions
    Reply to posts about Transfers
    Hi Nest Pensions, good to see you back on MSE (and officially this time!)

    The questions below (already mentioned by others above) are adapted from my post on another NEST thread here:http://forums.moneysavingexpert.com/showthread.php?t=5733909 (still unanswered... )

    Could you address the problems people are reporting regularly re NEST - which relate to transfers in. You, NEST, insist on the previous pension provider filling in a form whereas the convention is that the previous pension provider expects you, NEST, to fill in a form.

    There are reports on this forum that this approach goes on for months, with both sides blaming the other. Do NEST have any comment and/or a solution to this?

    Here are three other threads about this:
    http://forums.moneysavingexpert.com/showthread.php?t=5731390
    http://forums.moneysavingexpert.com/showthread.php?t=5665098
    http://forums.moneysavingexpert.com/showthread.php?t=5732027
    Originally posted by Zanderman
    I will just clarify that as its linked to my comment further up.

    Most providers do not fill in discharge forms. In fact nowadays, most providers don't need discharge forms at all as they use the origo options system for transfers.

    However, where one side or both do not use that system, discharge forms are still usually required but only for the client signature. The discharge forms still usually have the boxes for completion by the receiving scheme but no provider fills them in (although some have just moved to a request to transfer form which is usually no more than a single side of A4 with a couple of sentences). The providers issue each other with all the details that each other needs to complete the transfer (like a data sheet).

    NEST is virtually unique in insisting that the other provider writes in handwriting all that info from the datasheet onto the NEST form and sign it. Most providers refuse to that as it is time-consuming and expensive. Although, NEST just borrows money from taxpayers. So, efficiency is not likely to be its strong point.
    Originally posted by dunstonh
    Why do NEST insist on completion of discharge forms by providers when no other pension provider out there does the same?

    This issue has popped on the forum several times. Providers won't fill them in. Nest insists on it and you get deadlock. Completion of discharge forms is very 1990s. Is it about time NEST stopped creating this block?
    Originally posted by dunstonh
    Hi there,

    Firstly thanks for your posts. Your feedback on transfers, along with similar feedback from other customers, has been very valuable, and timely. It’s been an important topic of discussion within NEST too. NEST is a relative newcomer to handling transfers (less than a year) so we appreciate there is room for improvement. To this end, we’ve already kicked off a review of our processes, and customer feedback like yours, will be an important input to that.

    One further point relating to the post, specifically the comment: “ … insisting that the other provider writes in handwriting all that info from the datasheet onto the NEST form and sign it …” – it’s true that we ask other pension providers to add their details to the Transfer-in request form, however if the provider provides these details in their own format (instead of using our form), that’s fine, we just request that the member does the following:

    1.reads through the information the provider has given to make sure its accurate and they still want to go ahead with the transfer into NEST.

    2.reads and signs the ‘Member declaration’ on our Transfer-in request form and sends this to NEST along with the information the other provider has given.

    Further information about transfers is available at: https://www.nestpensions.org.uk/schemeweb/NestWeb/public/memberhelpcentre/contents/how-can-i-transfer-money-in-or-out-of-nest.html

    Thanks.
    Official Company Representative
    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
    • NEST Pensions
      Verified User verified user
    • By NEST Pensions Verified User verified user 25th Nov 17, 11:28 AM
    • 12 Posts
    • 2 Thanks
    NEST Pensions
    NEST Pensions Calculator
    Why when using the increased premiums form to predict effect of increases in contributions, does it not allow you to put multiple increases? We know that there are increases to come (statutory minimums). Given that you don't have to put in these minimums into the increase it would suggest these are not taken account of.
    Originally posted by datlex
    Are you referring to our pensions calculator? If yes, you are right to point out our existing calculator does not take into account the phased % statutory increases in contributions. The Money Advice Service provides this calculator, which does show the breakdown of the impact of the increasing minimum contributions
    Official Company Representative
    I am the official representative of NEST. MSE has given permission for me to post in response to queries about the company, so that I can help solve issues. You can see my name on the companies with permission to post list. I am not allowed to tout for business at all. If you believe I am please report it to forumteam@moneysavingexpert.com"
    • hyubh
    • By hyubh 25th Nov 17, 11:36 AM
    • 2,144 Posts
    • 1,655 Thanks
    hyubh
    Unlike many other types of pension schemes, identity verification is not done when members are enrolled into an auto enrolment scheme. The data is sent to us by the employer.
    Originally posted by NEST Pensions
    Without wishing to make an opinion about the overall intent (maybe other schemes are overly lax), how is that different from any other occupational scheme...?
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