Ive been on nest for 4 years , i don’t really look at it much I’ve already accumulated £11,424 . Since were in a bear market im going to start putting £30 a week in it for 2 years just to top it up
@porto1st4 ай бұрын
what does that mean since were in a bear market? I understand market cycles but I dont understand how it applies to pensions
@ProfitKings294 ай бұрын
@@porto1st pension funds invest your money , so in a bear market if you give them more money to invest the idea is that . its likely to do well hope this helps with my logic
@yevpt Жыл бұрын
Two comments from me: First: Worth mentioning that there are no contribution fees from a pension transfer into nest. Second: Nest should have a smart phone app in this day and age. Lastly, thanks for this video. Great work
@chrisbourne-retirementplanner Жыл бұрын
Thank you. I appreciate the comment 👍🏼
@Samehmahran4 ай бұрын
Thanks for the video, Chris, would be great if you can do video for Nest Sharia fund pension.
@papi86592 жыл бұрын
Great video. I have a newish NEST pension and I have used it primarily to get 40% tax refund on additional contributions I made during the pandemic. I was a bit surprised at the transfer fee which I think I could have been made aware of earlier in the transfer process . However I'm generally very happy with my experience so far. Am tempted to transfer to the Sharia fund.
@chrisbourne-retirementplanner2 жыл бұрын
Thank you for your comment! The Sharia fund has certainly done extremely well. I’m a bit concerned about the heavy concentration in just four companies though.
@exiledone69 Жыл бұрын
There's no transfer fee.
@paulcatt7743Ай бұрын
Nest are crap trying to get your money back takes Months
@cameronbrindley61802 жыл бұрын
Caught me off guard with the funny bot clip 😂 Great video!
@chrisbourne-retirementplanner2 жыл бұрын
Haha a treat I kept right to the end 😆 Thanks for watching Cameron 👍🏼
@guyr73512 жыл бұрын
Hi Chris, I have a nest having joined a company this year at 61, I pay what I am obliged so my employer pays their 3%. What I did not realise is that they don’t take 5% of my gross salary, they ignore the first £5-600 a month ( cannot remember exact figure) so less goes in than I expected. I also pay into an Aviva pension that used to be a workplace pension as this fund is much larger and will be the main income provider when I retire. As I should retire in 4 years time I may actually switch the allocated fund into something more aggressive as my current forecast is for the NEST to be only about £10 K when I retire so I could afford to gamble a bit with it. I personally think the government finally getting a system in place so almost everyone has to be paying into an employer based scheme which is portable is great. We have potentially millions of workers approaching retirement with very poor provision other than the state pension which is shocking
@debse.72864 ай бұрын
Yes, I have one. I changed to the Sharia fund. Good information about the tax back on low earners. I couldn't find that info anywhere.
@chrisbourne-retirementplanner4 ай бұрын
Glad it was helpful!
@IncomeBoost422 жыл бұрын
My employer enrolled me with NEST pension and when I saw at the pension contribution charge, I was shocked: 1.8% contribution charge on top of their 0.3% account management fee? My employer contributes 3%, so not much left after the charges. I decided to contribute the min 5% with NEST. For further pension contribution I opened a vanguard SIPP with 0.15% management fee and 0 contribution charge. The bonus is that I get full visibility and control over my pension and eventually the management fees get capped across all accounts - SIPP, ISA and General Investment accounts. I have to admit though, this NEST issue was perfect material for my video haha.
@chrisbourne-retirementplanner2 жыл бұрын
Remember though that the charge is only 1.8% of your contribution, not 1.8% of your salary. There’s a big difference between those numbers! It essentially means that your contribution amount is 7.856% instead of 8%. Also, the NEST 0.3% charge includes fund management. On Vanguard, it is 0.15% custody charge plus fund management costs, so the total is likely to be closer to 0.4%.
@IncomeBoost422 жыл бұрын
@@chrisbourne-retirementplanner Oops, my bad! You're right, big difference indeed and suddenly NEST looks a lot more appealing! Thanks for clarifying.
@PhillipHomer Жыл бұрын
@@chrisbourne-retirementplanner Hi Chris, is this the main reason for the massive difference in annual return on the NEST funds and the Vanguard funds? Or is it somethign to do with the makeup of the funds as well?
@clarkeysam Жыл бұрын
@@PhillipHomerthe main difference in performance at the time of the video is the difference in the make up of the funds. The small difference in fees would take a working lifetime to add up to those performance differences. But remember, past performance is no indication of future performance, but the difference in fees are known.
@martind53482 жыл бұрын
I have NEST fund and one other so need to look at the allocations for both and consolidate. Great info, I just need to sort my other finances out as well now
@chrisbourne-retirementplanner2 жыл бұрын
Really pleased it’s helpful Martin 👍🏼
@bigshort92962 жыл бұрын
Surely 1.8% is extremely high as a fee, this is the sort of fee paid to private banks for discretionary management, for a modest pension fund it is poor value, Fidelity for example charges no platform fees so 100% is applied to your fund. Default Fund performance may be good but it disguises the high 1.8% upfront fee. Anyway, great videos, thank you.
@chrisbourne-retirementplanner2 жыл бұрын
Thanks Stuart. Well the very fact that it exists on contributions to NEST whereas it doesn’t on some other workplace pensions is a disadvantage. But having said that, other pensions carry higher charges in other areas. It’s important to remember too that some unit trusts out there still charge 3% initial on contributions, so in relation to those, 1.8% doesn’t seem so bad.
@Kalarandir6 ай бұрын
I have been a member for 5 years, and overall I am satisfied with its performance, but not that it took me so long to access my account and move fund.
@pincermovement727 ай бұрын
Had a nest pension of £500 for a years agency work , moved to the employer scheme after trial . After a year in the moderate scheme it lost £40 so as a bit of fun I put it in the higher scheme and haven’t even looked at it in 11 years . I have forgotten my password, maybe I will take a look.
@neonMETEOR7 ай бұрын
Did you look?
@plasticcreations7836Ай бұрын
I do have a NEST pension but its only got around £4000 in it because I wasn't at that company for long.
@fiddycaliber9472 жыл бұрын
Not a member anymore, was when I started off cluelessly paying into one.. have since moved them all to Vanguard SIPP except my workplace pension.
@chrisbourne-retirementplanner2 жыл бұрын
Seems to me that it’s doing a pretty good job for people Scott! A default fund returning almost 10% a year on average and a total charge of 0.3% including fund management is a good all round deal.
@fiddycaliber9472 жыл бұрын
@@chrisbourne-retirementplanner yeah I posted before finishing the vid but facts don’t lie! Nicely presented Chris!
@AandBeducation4730Сағат бұрын
I have few questions Do they take percentage from your money in exchange for this service? There is tax amount on it is that tax or their fees? Can you withdraw your savings anytime you want or it’s locked? ??
@GrahamUtton Жыл бұрын
What part of the video did "The Shocking Truth" refer to? Just curious
@travellingtom60918 ай бұрын
The fee I hope. That is a crime against people who by definition won't check or understand how high that fee is. A daylight robbery for ordinary workers.
@frederickmorton2757 ай бұрын
@travellingtom6091 I don't think you fully understand that fee either. 1.8% is on your contributions but 0.3% is on the pot amount. In comparison vanguard sipp with ftse global all cap will cost you 0.37% which is about the same. Aj bell almost the same. So I'm not sure if you had checked your sipp.alternstive prices
@travellingtom60917 ай бұрын
@@frederickmorton275 Thanks for this Frederick. You're right that I didn't understand the fee correctly. I'm with Vanguard paying 0.12% for VHVG developed world index, but thanks for clarifying. I'm not lucky enough to have a workplace pension so I have to take my own path. Good luck Frederick and thanks for the explainer.
@stevojohn2 жыл бұрын
I had one from a previous job, but transferred it into my current Fidelity one.
@chrisbourne-retirementplanner2 жыл бұрын
Hi Steve. Yes many have done this. Many have also kept the plans running, especially if their new employer also uses NEST to meet workplace pension obligations.
@stevojohn2 жыл бұрын
@@chrisbourne-retirementplanner I just find it easier to manage when everything is in one place.
@simonrendell98342 жыл бұрын
I had a NEST pension for a while but moved it into my new employer's scheme when I changed jobs. It was only a small pot and I suspected I'd be forgotten by the time I came to retire if I'd left it. I've been in the new job nearly three years though and haven't yet managed to get Legal and General to transfer the pension pot I had with them to my new employer's scheme. Very frustrating!
@chrisbourne-retirementplanner2 жыл бұрын
Frustrating indeed Simon! What reason are they giving for the delay?
@ohhhyaaa1691 Жыл бұрын
In order to transfer, the member need to make a request. without the indication how nest will transfer mate?
@chrissykinsella7231 Жыл бұрын
@@chrisbourne-retirementplanner Surely you can't be 'forgotten' by a pension, scheme if it is attached to your NI number?
@OceanChild75 Жыл бұрын
Hello Chris, thanks for your video it is very helpful! Would you be able to make videos about the other big UK pensions so we can see the pros and cons of all them please? I have a pension pot with NEST and one with Standard Life, I was considering transferring my NEST pension over to Standard Life mostly because of the fees but also how much money NEST has lost recently but I am not sure it would be a right move! I have seen your videos on SIPP, I’ve been reading about Vanguard but I’m worried because I literally cannot read anything negative on it which makes me think they are hiding something I don’t know it looks too good to be true and I’ve never met anyone in the flesh who told me about SIPP 😂
@chrisbourne-retirementplanner11 ай бұрын
Hi there. I have to be a little careful talking about private company providers specifically because it can stray into advice territory. Vanguard are a very popular though and there are certainly more fans than critics of their approach! The platform caps costs as well at (I think) £375 a year.
@joedawson3772 жыл бұрын
The only question I have doesn’t relate to a recently updated video but I’m a young individual, who’s invested in stocks the last 2 years & gained in excess of over 10k. I’ve just started to invest 500£ a month (6k a year) into an ISA but struggle to grasp if I should invest more into one of my chosen investments or equally divide the payment. Currently I’ve set up to invest into 100% Lifestrategy, 2065 retirement plan, S&P500 & Futse 100. Any help or advice would be greatly appreciated. Great videos & very useful info👍🏻
@chrisbourne-retirementplanner2 жыл бұрын
Hi Joe. I’m afraid I couldn’t advise the specific split you should make between different investment strategies. I would say that the S&P500 has a high concentration in just a small handful of companies though so be careful of that risk, and the FTSE100 probably isn’t the best representation of the UK market as a whole - the FTSE250 is considered to provide better domestic representation.
@joedawson3772 жыл бұрын
@@chrisbourne-retirementplanner thank you so much for the response I greatly appreciate & understand you can’t tell me exactly what to invest in etc. however I’m under the impression that the risk is inevitably the underlining factor that maximises your gains. I just want to maximise the compound interest I would be able to make from these investment choices & have heard nothing about the two you’ve mentioned. Keep up the good work in posting videos👍🏻
@colin14933 ай бұрын
If your a higher rate taxpayer and you pay £100 in, you will also get an extra £25 added automatically but in fact for the same net cost (£100) you could have paid in £172 gross, 42% Scottish higher tax rate. The £47 difference goes to the government unless you file a tax return.
@MultiOutdoorman Жыл бұрын
I took s nest out at £40 a month a few years ago, out if curiosity. Quite tricky re-registering for logging in if you can't remember your initial details. Their growth forecast models must be definitely wrong though ( their predictions calculator). I upped monthlies by another £100 recently, partly cos I dont trust how my ifa ( and his " annual advice" fees) are affecting my old standard life wrap pension.... Very stuck I feel right now. I'm 57 and self employed...
@MultiOutdoorman Жыл бұрын
My 90k pot dropped by 14k and he still took annual fees out but did nothing for me...
@chrisbourne-retirementplanner Жыл бұрын
Hi there. Growth forecast models will always be wrong I’m afraid because nobody can predict the future. I always remind people as well that an adviser’s fees can’t be based on investments moving up in value, because they do not control the way the markets move, nor can they predict the future. They should be doing something in return for their fees though… they should be coaching you through the difficult period and focusing on whether you’re still on course to meet long term objectives. Those objectives should be clearly defined and measurable.
@justinmorgan57442 жыл бұрын
Enjoyed this, I'm in the Sharia fund and I've been pleased with the 20k rise in value over the last year. I've changed my Nest retirement date to my 55th birthday- will this be honoured, or will this rise to 57? 🍻
@chrisbourne-retirementplanner2 жыл бұрын
Hi Justin. Thanks I’m glad you enjoyed it. Unless your reach 55 before 6th April 2028, you won’t be able to access until 57.
@gm240711 ай бұрын
0.3% charge for £19.3bln is £57.9m Also 2 years of contributions 1% loss, in the same time my own selected stocks up 13%. Not that I am a wizz at stock selection, two years of holding is no time at all, I just feel that the pension would have been better in any bank account as even then there is no loss or a small interest increase. Two years for less money in a high inflation period is a joke.
@CelticCrafts4u2 жыл бұрын
I love your videos. I just pay the minimum into nest as its my workplace pension. I changed when I was enrolled to Sharia as I wanted 100 equities.
@chrisbourne-retirementplanner2 жыл бұрын
Thank you! I imagine the Sharia fund has delivered good returns for you to date?
@oliverhunter94952 жыл бұрын
The growth in Sharia is something like 70%. I’m new to Nest which is why I watched this video. I might swop funds to Sharia though.
@enigmaandrews61032 ай бұрын
I want to cancel paying into this pension fund. ASAP. Next I want to take out my pension when I’m 55 next year
@SlickMotoMike2 ай бұрын
I have never had a pension as I've always opted-out. I am 25 years old and don't plan to stop working and have been working since I was young. Am i able to access all my money so if i saved 50k i can take the full amount out? If not then having a savings account is far better than any pension as I want my money. I don't understand anything that was said i am very confused. I have learning difficulties and adhd so probably why i have no idea what this is i know what a pension is basically is a savings account but you can't just take the money out of your savings when you want so....for me that is a bit of a scam so you take my money but you won't give it back to me and use my money to invest it to make money and make a profit from my money that i gave you so where is my cut then? So if i give Nest £10 and they use it and turn my £10 into £1,000 i want my £10 back plus £600 cut i don't know how it all works
@willie0110732 жыл бұрын
Great video Chris, a few interesting points..... Out performing Vanguard!
@chrisbourne-retirementplanner2 жыл бұрын
Yes I was shocked Willie as I’d heard people say they’d been underwhelmed by NEST’s performance - no reason to be from what I can see!
@willie0110732 жыл бұрын
@@chrisbourne-retirementplanner Absolutely, maybe they were comparing to SMT or the like......
@CLUTCHKID111 Жыл бұрын
I have a nest pension, and very concerned with its growth rate. I quickly realised the basic 5+3% contributions would not give me the retirement I would want, so all in all I top it up to around 22% of income. I did move it to the ethical fund as the return/risk looked at a level I was happy with, but after 7 years, with my contributions, employer and tax refund….the pot has only grown my about £1000…..yes, one thousand. Is this right????
@ohhhyaaa1691 Жыл бұрын
Market is up and down mate, get an advice from IFA.
@clarkeysam Жыл бұрын
Saying returns are only £1000 is meaningless, we don't have the information to go off. It sounds low if that's the total growth and we assume 22% of an average salary over several years, but we don't know if that's your scenario. We also don't know what you've invested in.
@gm240711 ай бұрын
Assuming your average sallery is £20k over the 7 years (estimating on the low end) your 22% contribution would have been £30,800 over that period. That is 3.2% increase on investment. So if you put 22% of £20k in a bank account at 1% interest and left it to compound for 7 years with no other money that would be a 7.2% return and you would have had about £317.40. So regular saving at that rate would have received more money. But you are not to know as stocks are volitile, and savings are a known rate, as you are informed when the rate changes on the account. Still you have saved a good wack so can choose to move it into a different strategy if you want. No-one knows what will happen with any performance and the value of the shares on a given day can be much lower than other days. There are over 400 invements in the portfolio so it will look very stagnant.
@clarkeysam11 ай бұрын
@@gm2407 you've not taken into account the employers contributions. If the original poster wants some feedback then they should come back with more information, as currently we don't have enough information.
@gm240711 ай бұрын
@@clarkeysam That is true, I would not know how much that was or where the match percentage would be based on the employer who could make it more than the default.
@hsa17322 ай бұрын
I switched my nest fund to the Sharia option after watching this. Two weeks later and my pot has gone down a by almost 3.5%. Switched straight back.
@Bigshorty-t7i2 ай бұрын
Need to give it a while, I transferred just over a year ago and it has went up massively compared to other pensions, you can’t judge on a few days that’s just crazy
@childchernobyl9982 жыл бұрын
Your videos are so helpful. Thank you.
@chrisbourne-retirementplanner2 жыл бұрын
You’re very welcome! Thanks for your comment 👍🏼
@jtee41032 жыл бұрын
I’m taking my money out of Nest and putting it into a self investing broker so I can choose exactly where my money goes. I think Nest money is abused by hedge fund managers who take most profit out of your hard earned cash.
@smitvlogs Жыл бұрын
How to withdraw nest money to our bank account?
@hsa17322 ай бұрын
Okay. I thought that, but was scared.
@MrTpain19452 жыл бұрын
What you have to remember , Automatic enrolment was another tax on employers , many employers did not want to pay for a scheme so nest was ideal.
@chrisbourne-retirementplanner2 жыл бұрын
Yes, and it’s done a very good job for most people so far.
@guyr73512 жыл бұрын
Judo jack, It is more important to get all employees paying into a pension scheme above the state pension. It is obvious that given time the Government will want to do away with a state pension as in another 20 years there will have been 40 years of employers having to provide a pension scheme.
@MrTpain19452 жыл бұрын
@@guyr7351 Yes but everyone should be responsible for this As I said this is another tax on the employer
@clarkeysam Жыл бұрын
Increasing the number of people with a pension is one of the only good things the Conservatives have done when in power.
@stansheppard8929 Жыл бұрын
Just transferred an old one I had with nest to vanguard and stuck it in a target retirement fund - not sure what to put it in tbh…. My work one is with legal and general and the default fund wasn’t the best - only realised after 18months or so. Have diverted to North American Equities fund and waiting for the other to recover before moving it…. Need to check out the other funds available with L&G as I’m not familiar with them….
@chrisbourne-retirementplanner11 ай бұрын
Well, L&G are a major provider in that space and I hear less complaints about their service than I do NEST’s.
@derekjenkinson8014 Жыл бұрын
20% growth with nest over the last 5.5 years. Default fund is rubbish, only thru a deep dive on their site did I find the Sharia fund which I’ve swapped too, that’s resulted in any growth. But at this rated I would be better with a S&P500 tracker fund as that’s averaged 8%, and with the ability to reinvest the dividends it’s even better. Unfortunately my employer will not accommodate matching if we want to move to another fund which is annoying.
@Michael-wr1yy2 жыл бұрын
Yes I have a tiny Nest and I find the site too cumbersome. Ie from a tablet I cannot seem to pull up graphs for performance so I have to use the monthly price of funds to gage how well they are doing. I did work out that the Sharia was the better performer. I think the 1.8% fee on each contribution is too high and that's why I do not pay additional money In. Thankfully I have a Sipp and 2 other pension provider schemes( and no it doesn't always pay to consolidate), where I have no problem getting the info I want. I've also found the customer service woeful. So totally not a fan of Nest and as soon as able ie when my current contract ends I will transfer, but the concept of Nest is a good one.
@luisbatista20382 жыл бұрын
Sorry but Where do you have the sipp? Tia
@PhilGooch Жыл бұрын
Super useful video, thanks! I have a NEST pension from a previous employer from some years back. No idea what is in it now though haha
@chrisbourne-retirementplanner Жыл бұрын
Thanks Phil glad it’s useful!
@adampowell290111 ай бұрын
Shockingly bad service. I had to make many, many phone calls to an Asian call centre where they passed me from pillar to post for four months until i got my pension pot. I was originally told five days, then i had to receive a letter with a personal number to call in with, then excuse after excuse until finally i was told five days for the fourth or fifth time, ( but maybe longer if there is any problems) Yesterday i had had enough and told the operator so. She told me my money would be dis-invested at some point this week and the money would transfer within five days ( again). Told her that i wouldnt hold my breath. Terrible that they hang on to ones money, all the while making money, not caring how much i needed MY money. Acoid these people. I wish i had put my cash under my mattress.
@englishforyoubyteacherpaul933211 ай бұрын
I sent and shared my experience here yesterday but not shown on here any more.
@chrisbourne-retirementplanner11 ай бұрын
Sometimes comments just get blocked by KZbin for some reason.
@christoms6545 Жыл бұрын
I have a nest pension and a sipp plan with Aegon. Since moving jobs and receiving a workplace plan I no longer contribute to the nest. I’m toying between transferring it out but can’t decide where to move it to.
@chrisbourne-retirementplanner Жыл бұрын
It's a good idea to get guidance when moving a pension. The main things to focus on are penalties, guarantees (that would be lost upon transfer), charges, investment choice. That's not an exhaustive list though.
@chqshaitan12 жыл бұрын
I currently have my pension with nest(but am transferring out to vanguard), the killer for me, was the initial high contribution charges, but since i left the old company, this is not an issue any more
@chrisbourne-retirementplanner2 жыл бұрын
Thanks for your comment Raymond. Always remember to compare the net results rather than just upfront charges. Also, once those initial contribution charges have been paid, money held on Nest is likely lower cost than Vanguard… Nest’s cost is 0.30 all in, whereas Vanguard’s platform fee is 0.15 and you then have to pay fund management charges on top, probably adding at least another 0.20.
@kite903911 ай бұрын
I'm with NEST
@maniruzzamanmunna96632 жыл бұрын
Really Great concept
@chrisbourne-retirementplanner2 жыл бұрын
Thank you!
@user-rm4zf4ic6l6 ай бұрын
i have approximately £17,000 contributions in nest, yet when i did a forecast projection to 2026 when i retire, the pension pot was only £11,000 i do not understand this?
@chrisbourne-retirementplanner6 ай бұрын
That figure may either be one of three projections showing a ‘high, mid and low’ figure, with the low figure nowadays showing a negative return. This is done to stop people from potentially complaining in the future about projected figures not playing out, and giving a false sense of hope. The figure has no real basis though and doesn’t give any true indication of what your pot might be worth. It could also be an inflation adjusted figure, showing the effects of inflation taken off the projection.
@owca66662 жыл бұрын
How much should i be putting into the pension to be able to live normally ? The standard contributions seem very low and having used their calculator the total pot is very small, i have 36 years left of contributions.
@chrisbourne-retirementplanner2 жыл бұрын
Hi there. The level of contribution you need to make will depend really on what you want to achieve as an income. This is a pretty old vid of mine but it may help… m.kzbin.info/www/bejne/fWLbgYame8iVjNU
@rafa92202 жыл бұрын
Hi, I am a young person, thinking about starting a pension scheme. My question is why is noone talking about inflation? The money that I will put in the pot today will be worth much less in 50 years... Isn't it much better to put my money in bonds? Or anything that can fight off inflation? The idea of putting my money in the pot that i wont be ale to open for 50 years , with no interest at all seems just bizarre to me. Can someone explain to me where my thinking is wrong?
@chrisbourne-retirementplanner2 жыл бұрын
Hi there! The money placed into a pension is invested into stocks and bonds. It is the stocks and bonds that provide inflation beating growth potential long term. A pension is just a tax efficient account to hold those investments in. The thing you seem to have misunderstood is that you’d get no interest at all by putting your money into a pension pot - it is the exact opposite of that. You put money into a pension because you are able to achieve interest, dividends and capital appreciation, and that growth is also boosted by various tax incentives as well.
@rafa92202 жыл бұрын
@@chrisbourne-retirementplannerThanks for the answer. That makes more sense now. So can you tell me roughly what is the interest rate in NEST schemes? I know we have to pay 1.8% contribution charge and 0,3% annual charge. That's why Im hoping you will say that the annual interest is significantly higher than, lest say, 2 or 3 %. Again, thanks for answering!
@chrisbourne-retirementplanner2 жыл бұрын
@@rafa9220 That really depends on the types of investments you hold. There is no specific answer to this. In this video though I give examples of the growth rates that have been achieved on some of the NEST funds.
@madebypete10 ай бұрын
So I was about to start investing in a Vangard Life Strategy fund but judging by the past 10 years of performance, i'd be better off contributing more to my Nest pension instead?
@chrisbourne-retirementplanner10 ай бұрын
It’s difficult to say. It depends if course on which LS fund you’re comparing to which Nest fund. The LifeStrategy range has struggled against certain competitor funds in the last couple of years, but over the past 10 it has still done well.
@physio-harmansharma5425 Жыл бұрын
Hello Chris I am new to UK, not much aware about system here. Glad to find your video on nest. I was wondering, if I change my employer, will the pension contributions from previous employer would still be counted? Also, if I leave UK in 2 years time, will I be able to claim my money back easily? It would be really helpful if you can clear these doubts. You seemed to be quite knowledgeable.
@chrisbourne-retirementplanner Жыл бұрын
Hi there. Thanks for your message. Yes, contributions made into Nest by previous employers would still form part of your pension pot. Regarding claiming the money back, you should be able to either transfer to a qualifying pension arrangement in a new country, or leave the benefits here to claim when you reach 57 years old.
@physio-harmansharma5425 Жыл бұрын
@@chrisbourne-retirementplanner hello Chris ! Thanks for giving me appropriate guidance. Really appreciated. Thanks again !
@physio-harmansharma5425 Жыл бұрын
@@chrisbourne-retirementplanner hello Chris ! Thanks for giving me appropriate guidance. Really appreciated. Thanks again !
@boyracer30002 жыл бұрын
Thanks for the video, Chris. I'm wondering how relief at source with Nest works with salary sacrifice and national insurance contributions. Is it possible to get relief on NI?
@chrisbourne-retirementplanner2 жыл бұрын
Hi Vincent. NEST pension contributions are deducted via salary sacrifice so no National Insurance is paid.
@michaelhewitt58362 жыл бұрын
i have just retired and are having a bad time trying to get my pension pot transferd to a annuity pot
@chrisbourne-retirementplanner2 жыл бұрын
That’s interesting to hear Michael. Is it Nest who are making the process difficult?
@michaelhewitt58362 жыл бұрын
@@chrisbourne-retirementplanner yes every time you think its ok thay cumup with somthink difrent have putin about 5 complants all ready and thay are still not playing ball just whating for a new form to be sent wii take 24 to48 hours to arive in my in box at nest
@sophiadalyrossin2 жыл бұрын
Hi Chris. Thanks for your great video, ive just happily found ur channel. Ive with Nest through work for 2 years. There customer service is not great (havent responed to emails, hard to get hold of someone to talk). Id love your option on which of my options would be mosy cost effective & tax benifisial. I want to contribute one larger lump and then regularly small additional contrabutions. Better to stick just with Nest, or open a SIPP where i contribute. Or consolidte to a sipp transfering my NEST pot. (Keeping it out to recieve works contrabutions). Or wieght to transfer when i need to take my pension (not pay for 2x planform fees) Im a mid-30ies, higher earner, freelancer. Cheers in advance.
@chrisbourne-retirementplanner2 жыл бұрын
Hi there! Thanks for your message. There is no right ot wrong answer to your question. NEST will allow you to make regular and ad hoc contributions just as a SIPP would. The benefits of NEST are its simplicity, whereas the benefits of a SIPP will be its wider fund choice. The SIPP may or may not be more expensive than NEST. Customer service of course varies greatly between SIPP providers so you may find that some are better than NEST and some are similar. Sorry I can't be more specific, but everyone's circumstances are different and have to be assessed on a case by case basis.
@defaultdefault8122 жыл бұрын
Best pension strategy for saving £2000 a month for 19 years? I want to be able to generate plenty of passive income on my pension income at retirement (55). Is NEST the way to go?
@chrisbourne-retirementplanner2 жыл бұрын
Hi there. Whether it is the best is difficult to say. It is neither the lowest cost or the plan with the widest choice of investment options (far from it). But in the main the options that are available have served people quite well so far and the tax relief benefits will be the same as other pensions, which is the most powerful tool.
@defaultdefault8122 жыл бұрын
@@chrisbourne-retirementplanner hi Chris. Thanks for the reply. Once you have maxed out your annual stocks and shares ISA, and you have maxed out your life time pension allowance (approx 1.1 million), where is the next place that is preferable to avoid capital gains tax (or and other form of tax)? Thanks!
@chrisbourne-retirementplanner2 жыл бұрын
Investment bonds (onshore and offshore) have their own special tax features. GIAs can still be highly tax efficient if you use allowances to their fullest extent. After that, VCTs and EISs offer excellent tax advantages, but are high risk.
@michaelnapper41142 жыл бұрын
I have been trying to Transfer out of Nest for about 6 months , customer service is complete dross , the hoops they want you to jump through , when you do they need something else . I would advise people not to touch them with a bargepole . As when you wish to access via transfer , more chance of a Euro Lottery win!!
@chrisbourne-retirementplanner2 жыл бұрын
I have heard from others that they’ve had a similar experience with Nest. I hope you manage to get things sorted eventually. Sadly, even some established insurance companies have been letting people down with customer service of late.
@realcubano43012 жыл бұрын
I really want to get my money back , but they say that they can’t, until I am 55 years old… Plz any help ???
@chrisbourne-retirementplanner2 жыл бұрын
55 is the earliest age you can access pension benefits. This will rise to 57 if you don’t reach 55 by April 2028.
@balinn982 жыл бұрын
If i close my account on nest , what is heppen with my all investment, i can take it back because they say is supposed to refund my all contributions to them .
@r1pperuk3 ай бұрын
I got nest just looking to sort out finances. 😅
@robkewley2 жыл бұрын
I have a sipp and just changed jobs (agency) and have been auto enrolled. Should I allow both to run with minimum into nest?
@chrisbourne-retirementplanner2 жыл бұрын
I always say that it is worth taking an employer contribution unless there are good reasons not to (i.e. your income is very low and you cannot afford to make the compulsory employee contributions).
@josephmbugua15727 ай бұрын
This is quite enlightening and thank you for this. A question, what would you advise to a person coming for studies for a period of 4 years and working here and then go back to their country. Is NEST worth it as you cannot withdraw this money till the set age limit?
@chrisbourne-retirementplanner7 ай бұрын
I suppose only you can make that decision for yourself. The employer has to contribute alongside you, so I suppose that if you opt out you are refusing those free contributions. You’d have to assess whether you think that is worthwhile.
@Voodoomongoose12 жыл бұрын
Great info!
@chrisbourne-retirementplanner2 жыл бұрын
Glad you think so Sam 👍🏼
@mondodaftasabrush2 жыл бұрын
Question is should I let NEST check out my other pensions I have from other jobs / employment and let them put it all in one pot with them ? high risk and high cost ?
@chrisbourne-retirementplanner2 жыл бұрын
A value analysis should always be performed by a qualified adviser if transferring pensions as there may be safeguarded benefits, lower costs etc with existing schemes. They will almost certainly offer more fund choice. These things need to be considered.
@danny001292 жыл бұрын
Hi quick question Chris, Let's say you reach the pension age and you get your pot, do you have to pay tax on it?
@chrisbourne-retirementplanner2 жыл бұрын
Hi Danny. Yes, your pension income is subject to income tax, but part of it (25% of its value) can be taken as a tax free lump sum. If you have no other income though when you start to take the pension, you have your Personal Allowance to offset (currently £12,570 per tax year). By taking tax free lump sum in stages alongside income you can effectively take £16,760 per tax year currently tax free.
@danny001292 жыл бұрын
@@chrisbourne-retirementplanner wouldn't I be better off savings for my retirement in a stocks & shares ISA which is tax free (£20K a year) compared to NEST????
@pataleno2 жыл бұрын
I’ve recently started a new job and they use nest. Looks like tax relief is added. Does this mean it’s net paid. Can I add this to my self assessment for additional relief as I’m a 40% tax payer. ?
@chrisbourne-retirementplanner2 жыл бұрын
Hi Pat. Net pay basis is different to relief at source (which Nest uses). Contributions that you make from your own income should be put on your speed assessment to claim higher rate relief yes.
@georgeharley3597 ай бұрын
Im having trouble getting my nest fund was agreed in November to be paid out 5/10days im over retirement age Now wanting driving licence birth certificate signed by professional people Communication is terrible by this company phone calls tell you different stories
@robfiery22072 жыл бұрын
I am currently over paying into Nest as late into the game. However, thinking it might be better to do the overpayment to Peoples Pension, whith whom I have an account from an old employment . Last year I tried get some financial advice, wanted to pay somebody to help me decide where to invest but just could not find anybody who seemed to be able to give this service. All very confusing
@chrisbourne-retirementplanner2 жыл бұрын
Hi there. I seem to have missed this comment so apologies for the delay. Yes it can be tricky finding an adviser to assist with these schemes because the schemes themselves do not facilitate remuneration. Have you looked on unbiased.co.uk?
@lonewolf950611 ай бұрын
Why is there tax on it when that money has already been taxed from your wages
@chrisbourne-retirementplanner11 ай бұрын
Hi there. The money hasn’t been taxed from your wages - pension contributions receive tax relief.
@henrytudor7058 Жыл бұрын
Nest, the next big financial scandel.
@yanan36814 ай бұрын
I feel sorry for the people who are relying on the government to provide them a decent living in their old age. The choice of a nest pension instead of pension credits seems like a winner all day to me
@angelacojocar9336 Жыл бұрын
Hello and thank you for the video. I have NOW pensions acc and Nest. I want to transfer my contributions in 1 pot only and I do not know which one to keep. Any advice? thank you
@chrisbourne-retirementplanner Жыл бұрын
I am not able to provide a specific recommendation I’m afraid. I would just say to start by comparing costs, fund options, future withdrawal options and quality of administration between the two providers.
@mikeyspice250 Жыл бұрын
Originally I transferred old pension with £1200 to NEST few months ago. What other pension should I become a member of if I need to transfer to ???? Im a member few months now. Their customer service is crap & they don't know answers Originally I transferred old pension to NEST as was not using old pension.
@chrisbourne-retirementplanner Жыл бұрын
Hi there. Unfortunately I can’t advise you which pension you should open, but there are many good pension providers in the UK and my general suggestion would be, if it is customer service that is most important to you, the more established pension providers that have been around for a long time (traditional insurance companies) are likely to have larger customer service teams and more expertise in the area of pensions. Although I can’t say that’s true in every case and I do find that even some established providers offer poor service.
@mikeyspice250 Жыл бұрын
@@chrisbourne-retirementplanner thanks
@adampowell2901 Жыл бұрын
Terrible customer service when I tried to withdraw my pot after I turned 55. I was told up to ten working days and I'm still waiting after nearly two months.
@chrisbourne-retirementplanner11 ай бұрын
Unfortunately this seems to be a common theme with NEST.
@adampowell290111 ай бұрын
Same experience here. I was told lie after lie for four months and have finally received my money today.
@simplexs7870 Жыл бұрын
Can you choose how the money is invested?
@chrisbourne-retirementplanner Жыл бұрын
Yes you have a limited range of funds to choose from.
@mmartin4978 Жыл бұрын
My workplace pension is with a company called NOW I suspect they are a poor scheme, does any one know
@linanou18815 ай бұрын
It is very poor soon your pot will be empty they take a lot of taxes, they don’t respect rules
@daveericson844710 ай бұрын
If i top up my private pension would i be taxed on the extra money i have put in via top up, if so its better to leave it in a savings account 🤔
@chrisbourne-retirementplanner10 ай бұрын
Hi there. No you would receive tax relief on your contribution.
@daveericson844710 ай бұрын
@chrisbourne-taxfreeinvesti9688 thanks for your reply
@derektaylor3863 Жыл бұрын
I am loosing £15ish a month to nest. For instance last month they deducted £80.69 from my wages but only £65.95 was paid into my nest account. Is this the percentage charge or am I being ripped off.
@chrisbourne-retirementplanner Жыл бұрын
I can’t really answer the question without being able to fully analyse Derek, but that does sound like quite a high proportionate charge.
@emmaknight200 Жыл бұрын
Hi Chris My partner is still waiting for his money to be transferred into his bank He is 66 has closed his account and they keep fobbing him off saying it will be transferred in 5 days but now nearly 8 weeks and still no money Beginning to think he will never recieve his money and its a big amount Is the company legit and has anyone received there money ?
@chrisbourne-retirementplanner Жыл бұрын
Hi Emma. Hmm yes this is unfortunately not an uncommon complaint about NEST. They are indeed a legitimate company, but I’ve heard that their customer service standards and timescales are poor. I wish I could suggest something to you other than just keeping on their case! I wouldn’t hesitate to raise a complaint either.
@hawkins7331 Жыл бұрын
Reading this makes me want to bug out while amount is low, it all seems good until you want your money, it then becomes a nightmare.
@mutintakalulu43459 ай бұрын
Hi Emma, did your partner get the money? This is almost a year later, just want to check if they did
@aryamohanmohan65605 ай бұрын
Hello , I have nest pension for last 1 year, what will happen if I choose to opt out? Still is there chance to get my money back after 57 years old? Or I won’t get it ?
@chrisbourne-retirementplanner5 ай бұрын
You will still be entitled to the money you've put in there when you reach the permissible age for withdrawal.
@juliawillis1240 Жыл бұрын
Is it true NEST cannot be transferred to spouse on death, but private pensions do transfer. to spouse/children? So if you die early you lose everything put in?
@chrisbourne-retirementplanner Жыл бұрын
Hi Julia. No that’s not true. NEST is a defined contribution arrangement and the full pot can be paid to chosen beneficiaries upon death.
@joepotter43382 жыл бұрын
Hi Chris, does the Sharia fund start in the foundation phase?
@chrisbourne-retirementplanner2 жыл бұрын
Hi Joe. As far as I'm aware, you can choose whichever investment fund you want from outset.
@mihaelaenea34262 жыл бұрын
Hi Chris. Between NEST and Profile Pensions which one is better performing g? Is NEST Sharia very risky ? Thank you. Am self employed.
@chrisbourne-retirementplanner2 жыл бұрын
The Sharia fund is a relatively high risk option and would certainly have taken a big hit this year as it is heavy on US technology stocks. That doesn’t make it a bad option going forward, but you must be aware of the risks and consider whether something more balanced is more suitable to your risk tolerance.
@mihaelaenea34262 жыл бұрын
@@chrisbourne-retirementplanner Thank you for your reply, Chris. Which pension provider is better ? I have never invested or saved for pension.
@chrisbourne-retirementplanner2 жыл бұрын
Hi Mihaela. I have never dealt with Profile Pensions I’m afraid. The best thing to do would be to compare costs, performance on the fund fact sheets that they provide, and feedback on service levels.
@mihaelaenea34262 жыл бұрын
@@chrisbourne-retirementplanner Thank you, Chris
@benagyemanbadu4218 Жыл бұрын
How can I take my pension out
@chrisbourne-retirementplanner Жыл бұрын
Hi there. You can access your pension currently at age 55, rising to 57 for those not 55 before 6th April 2028.
@thevalencias29 Жыл бұрын
Hi Chris! Glad I found your channel. I'm new here in UK. First time to received deduction for NEST on my payslip. Is there a possibility I can opt out in NEST? will my contribution be refunded. Thanks in advance
@chrisbourne-retirementplanner Жыл бұрын
Hi there! Yes you are able to opt out of NEST. I believe that if you opt out within 3 months of joining, your contributions will be returned, but it is best to confirm these things with NEST directly.
@bartz44392 жыл бұрын
"some point will charge will be reduce" - no it won't btw. that would me not fair if first customers who paid that "loan" for 20 years were charged and then NEW customers weren't.
@chrisbourne-retirementplanner2 жыл бұрын
Companies in financial services reduce costs all the time Bart. Platforms in particular have done this when they've reached critical mass. New clients benefit from lower charges and the clients who've paid higher charges before them don't get rebated. That's just life I'm afraid.
@danbruno5945 Жыл бұрын
Is it possible when you reach 67 to keep the e.g 200k or whatever on NEST and transfer like £500 a month yourself to your debit card or is that not possible?
@chrisbourne-retirementplanner Жыл бұрын
Nest can’t currently facilitate flexible withdrawal like that Dan. You would need to move the pension to a different provider.
@jonathanhoughton23547 ай бұрын
Biffa employee with a nest pension 👍
@essentialvital2696 Жыл бұрын
Can you take your retirement fund out from nest in one lump ?
@chrisbourne-retirementplanner Жыл бұрын
Yes that would be possible once you reach pensionable age. Under current rules, 25% would be tax free, the other 75% would be taxable as income.
@sajjadpasha25882 жыл бұрын
Nice
@chrisbourne-retirementplanner2 жыл бұрын
Thank you 👍🏼
@GASHPAN Жыл бұрын
I transferred my pension from Nest and out of several providers, Nest were the worst by MILES. They deliberately make it as difficult and as lengthy as possible to do a simple transfer, including a MANDATORY interview (collecting your personal data) which lasts 45 minutes! Avoid.
@chrisbourne-retirementplanner11 ай бұрын
Sadly I do hear a lot of NEST’s poor service on here.
@ruthiwuji603711 ай бұрын
Please what does it mean to stop contributions on nest
@chrisbourne-retirementplanner11 ай бұрын
You can stop paying into to Nest and the money accrued can remain there until you restart contributions in, or the money is transferred elsewhere (or to contribute somewhere else or to take income out when old enough).
@ruthiwuji603711 ай бұрын
@@chrisbourne-retirementplanner it means there won't be any deduction again from my salaries for pension right?
@chrisbourne-retirementplanner11 ай бұрын
Yes.
@ruthiwuji603711 ай бұрын
Thank you so much
@andrewgibson133110 ай бұрын
Hi I have £15000 in nest and I am taking early retirement at 58 I have 8 months to go on contrabution and I then leave for Spain is it possible to take it out as not much of a pension can you help thanks
@chrisbourne-retirementplanner10 ай бұрын
Hi there. You can take out the value of the pension. The first 25% of its value can be paid tax free, the remainder would be added to your income for the year and taxed accordingly.
@ashnajoy877 Жыл бұрын
Can i withdraw pension from nest if i change my employer?
@chrisbourne-retirementplanner Жыл бұрын
You can’t withdraw it before 55 (rising to 57 in 2028) but your new employer can contribute to it if they also use Nest. You can also transfer it to a different scheme.
@christopher554 Жыл бұрын
When you retire can you take your pension pot out and have the cash
@chrisbourne-retirementplanner Жыл бұрын
Yes you can. The first 25% is currently available tax free, the remainder is subject to tax.
@jessica-zi6ui6 ай бұрын
can i take my money out
@chrisbourne-retirementplanner6 ай бұрын
Yes, when you reach the minimum access age. This is currently 55, rising to 57 in 2028.
@danielorlandogonzalezbajan78352 жыл бұрын
Hello Chris, I would like to apply to get my pension refund to me. Because I need the money right now. It would be any kind of problem to do that? I am concerned that in the future I can have problems with my pension. Can you help me please how I have to manage step by step please? Many thanks
@chrisbourne-retirementplanner2 жыл бұрын
Unfortunately that won’t be possible Daniel. You can’t access pensions until age 55. If you’re not 55 before 6th April 2028, you won’t be able to access a pension until age 57.
@user-ck2dp9mu2f Жыл бұрын
i am with nest and its bloody awful, the help service is dreadful the staff there is very rude and they say they can't help me log in as they locked me out of the account. They want to talk to the original person who setup the account but i've told them 6 times on the phone he has died. they aren't sympathetic and disgusting behavior
@chrisbourne-retirementplanner Жыл бұрын
Yes I’ve received other comments about NEST’s service standards. I don’t know why it’s so difficult for them to get this right!
@monkeyfaceminx Жыл бұрын
@@chrisbourne-retirementplanner I think it has something to do with the language barrier and lack of training
@vannehernandez78292 жыл бұрын
Super
@SukhdevSingh-mc7fi Жыл бұрын
Hi Chris where are you Based Needed to talk about my Private Pension with you thanks
@BenBen-yx6ug2 жыл бұрын
No male as lived to claim a pension in my family , we live life to the full then die young . Already had a heart attack at 30 , i wont get cash a pension but in 30 years this nation be a failed state anyway with torys in charge
@chrisbourne-retirementplanner2 жыл бұрын
That’s unfortunate. I hope you buck the trend!
@paulcatt7743Ай бұрын
They are Rubbish ive tried for last 4 months to get my money they keep fobbing me off with different detail issues DONT USE NEST worse Pension provider in UK
@PaulDurbin19692 жыл бұрын
NEST were insisting on having orginal copies of birth certs etc to transfer out 1 dorment nest pension. Not had that with any other provider!!
@PaulDurbin19692 жыл бұрын
NEST have this vague statement about trannsferring out "If you're transferring money out of Nest, we MAY ask you for additional information."
@chrisbourne-retirementplanner2 жыл бұрын
Hi Paul. Yes the administration rules that different providers impose can sometimes be frustrating and confusing. Having dealt with pretty much every major provider during my career though, I can say they're all guilty of this to some degree.
@PaulDurbin19692 жыл бұрын
@@chrisbourne-retirementplanner it’s almost like they make it complicated so you don’t bother moving away!!