NEST - next to uesless?

I worked for an agency for all of 3 months. In this time they auto-enrolled me into a NEST pension. I did ask them if contributions could be paid to my private pension instead but they said this wasn't possible.


So now I have the vast amount of £9.91 sat in a NEST pension that I cant do anything with!

Comments

  • Malthusian
    Malthusian Posts: 10,898
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    I hold no brief for NEST but how is it their fault you weren't at your previous employer very long and that your employer didn't want to complicate its payroll arrangements for someone who was only going to be there a few months?

    You will be able to transfer your £9.91 into your private pension from April 1st.
  • Malthusian wrote: »
    I hold no brief for NEST but how is it their fault you weren't at your previous employer very long and that your employer didn't want to complicate its payroll arrangements for someone who was only going to be there a few months?.


    No, just posting out of frustration I guess. Its not their fault I agree.
    Malthusian wrote: »
    You will be able to transfer your £9.91 into your private pension from April 1st.


    Has this been agreed now? I heard/read that it might be possible to move money in/out of NEST sometime in 2017.
  • Fireflyaway
    Fireflyaway Posts: 2,766
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    You can pay into nest yourself regardless of if you are employed. If you have some spare money you could keep it going and stick a little in each month? I did see there is a cap though. I'm 37 with tiny contributions so wanted to pay in bigger sums to make up for lost time but its not possible, so in that respect it is a bit rubbish.
  • Mothman
    Mothman Posts: 268
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    The NEST contribution limit will be removed from April 2017, though personally I'd only pay in as much as I needed too to get the contributions from my employer. The NEST 1.8% contribution levy and limited fund choices means that for me any extra pension contributions go elsewhere into a SIPP.

    Given the large number of new members they must be having to deal with the scheme does seem quite well administered, for now at least.
  • zagfles
    zagfles Posts: 20,278
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    Mothman wrote: »
    The NEST contribution limit will be removed from April 2017, though personally I'd only pay in as much as I needed too to get the contributions from my employer. The NEST 1.8% contribution levy and limited fund choices means that for me any extra pension contributions go elsewhere into a SIPP.

    Given the large number of new members they must be having to deal with the scheme does seem quite well administered, for now at least.
    NEST is cheaper than most pensions - the 1.8% contribution charge and 0.3% annual charge is better than a typical 0.5% charge on personal pensions or other workplace pensions, provided the money stays in at least 10 years after investment.

    The lack of investment options of course may be an issue to people who like to choose where to invest.
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