The Shocking Truth About NEST Pension!

[@ProfitKings29]

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

[@porto1st]

what does that mean since were in a bear market? I understand market cycles but I dont understand how it applies to pensions

[@ProfitKings29]

@@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]

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]

Thank you. I appreciate the comment 👍🏼

[@Samehmahran]

Thanks for the video, Chris, would be great if you can do video for Nest Sharia fund pension.

[@papi8659]

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-retirementplanner]

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]

There's no transfer fee.

[@paulcatt7743]

Nest are crap trying to get your money back takes Months

[@cameronbrindley6180]

Caught me off guard with the funny bot clip 😂 Great video!

[@chrisbourne-retirementplanner]

Haha a treat I kept right to the end 😆 Thanks for watching Cameron 👍🏼

[@guyr7351]

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.7286]

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-retirementplanner]

Glad it was helpful!

[@IncomeBoost42]

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-retirementplanner]

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%.

[@IncomeBoost42]

@@chrisbourne-retirementplanner Oops, my bad! You're right, big difference indeed and suddenly NEST looks a lot more appealing! Thanks for clarifying.

[@PhillipHomer]

@@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]

​@@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.

[@martind5348]

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-retirementplanner]

Really pleased it’s helpful Martin 👍🏼

[@bigshort9296]

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-retirementplanner]

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.

[@Kalarandir]

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.

[@pincermovement72]

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.

[@neonMETEOR]

Did you look?

[@plasticcreations7836]

I do have a NEST pension but its only got around £4000 in it because I wasn't at that company for long.

[@fiddycaliber947]

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-retirementplanner]

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.

[@fiddycaliber947]

@@chrisbourne-retirementplanner yeah I posted before finishing the vid but facts don’t lie! Nicely presented Chris!

[@AandBeducation4730]

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]

What part of the video did "The Shocking Truth" refer to? Just curious

[@travellingtom6091]

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.

[@frederickmorton275]

​@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

[@travellingtom6091]

@@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.

[@stevojohn]

I had one from a previous job, but transferred it into my current Fidelity one.

[@chrisbourne-retirementplanner]

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.

[@stevojohn]

@@chrisbourne-retirementplanner I just find it easier to manage when everything is in one place.

[@simonrendell9834]

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-retirementplanner]

Frustrating indeed Simon! What reason are they giving for the delay?

[@ohhhyaaa1691]

In order to transfer, the member need to make a request. without the indication how nest will transfer mate?

[@chrissykinsella7231]

@@chrisbourne-retirementplanner Surely you can't be 'forgotten' by a pension, scheme if it is attached to your NI number?

[@OceanChild75]

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-retirementplanner]

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.

[@joedawson377]

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-retirementplanner]

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.

[@joedawson377]

@@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👍🏻

[@colin1493]

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]

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]

My 90k pot dropped by 14k and he still took annual fees out but did nothing for me...

[@chrisbourne-retirementplanner]

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.

[@justinmorgan5744]

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-retirementplanner]

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.

[@gm2407]

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.

[@CelticCrafts4u]

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-retirementplanner]

Thank you! I imagine the Sharia fund has delivered good returns for you to date?

[@oliverhunter9495]

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.

[@enigmaandrews6103]

I want to cancel paying into this pension fund. ASAP. Next I want to take out my pension when I’m 55 next year

[@SlickMotoMike]

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

[@willie011073]

Great video Chris, a few interesting points..... Out performing Vanguard!

[@chrisbourne-retirementplanner]

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!

[@willie011073]

@@chrisbourne-retirementplanner Absolutely, maybe they were comparing to SMT or the like......

[@CLUTCHKID111]

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]

Market is up and down mate, get an advice from IFA.

[@clarkeysam]

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.

[@gm2407]

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.

[@clarkeysam]

@@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.

[@gm2407]

@@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.

[@hsa1732]

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-t7i]

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

[@childchernobyl998]

Your videos are so helpful. Thank you.

[@chrisbourne-retirementplanner]

You’re very welcome! Thanks for your comment 👍🏼

[@jtee4103]

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]

How to withdraw nest money to our bank account?

[@hsa1732]

Okay. I thought that, but was scared.

[@MrTpain1945]

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-retirementplanner]

Yes, and it’s done a very good job for most people so far.

[@guyr7351]

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.

[@MrTpain1945]

@@guyr7351 Yes but everyone should be responsible for this As I said this is another tax on the employer

[@clarkeysam]

Increasing the number of people with a pension is one of the only good things the Conservatives have done when in power.

[@stansheppard8929]

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-retirementplanner]

Well, L&G are a major provider in that space and I hear less complaints about their service than I do NEST’s.

[@derekjenkinson8014]

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-wr1yy]

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.

[@luisbatista2038]

Sorry but Where do you have the sipp? Tia

[@PhilGooch]

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]

Thanks Phil glad it’s useful!

[@adampowell2901]

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.

[@englishforyoubyteacherpaul9332]

I sent and shared my experience here yesterday but not shown on here any more.

[@chrisbourne-retirementplanner]

Sometimes comments just get blocked by KZbin for some reason.

[@christoms6545]

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]

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.

[@chqshaitan1]

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-retirementplanner]

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.

[@kite9039]

I'm with NEST

[@maniruzzamanmunna9663]

Really Great concept

[@chrisbourne-retirementplanner]

Thank you!

[@user-rm4zf4ic6l]

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-retirementplanner]

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.

[@owca6666]

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-retirementplanner]

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

[@rafa9220]

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-retirementplanner]

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.

[@rafa9220]

@@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-retirementplanner]

@@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.

[@madebypete]

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-retirementplanner]

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]

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]

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]

@@chrisbourne-retirementplanner hello Chris ! Thanks for giving me appropriate guidance. Really appreciated. Thanks again !

[@physio-harmansharma5425]

@@chrisbourne-retirementplanner hello Chris ! Thanks for giving me appropriate guidance. Really appreciated. Thanks again !

[@boyracer3000]

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-retirementplanner]

Hi Vincent. NEST pension contributions are deducted via salary sacrifice so no National Insurance is paid.

[@michaelhewitt5836]

i have just retired and are having a bad time trying to get my pension pot transferd to a annuity pot

[@chrisbourne-retirementplanner]

That’s interesting to hear Michael. Is it Nest who are making the process difficult?

[@michaelhewitt5836]

@@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

[@sophiadalyrossin]

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-retirementplanner]

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.

[@defaultdefault812]

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-retirementplanner]

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.

[@defaultdefault812]

@@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-retirementplanner]

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.

[@michaelnapper4114]

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-retirementplanner]

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.

[@realcubano4301]

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-retirementplanner]

55 is the earliest age you can access pension benefits. This will rise to 57 if you don’t reach 55 by April 2028.

[@balinn98]

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 .

[@r1pperuk]

I got nest just looking to sort out finances. 😅

[@robkewley]

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-retirementplanner]

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).

[@josephmbugua1572]

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-retirementplanner]

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.

[@Voodoomongoose1]

Great info!

[@chrisbourne-retirementplanner]

Glad you think so Sam 👍🏼

[@mondodaftasabrush]

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-retirementplanner]

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.

[@danny00129]

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-retirementplanner]

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.

[@danny00129]

@@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????

[@pataleno]

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-retirementplanner]

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.

[@georgeharley359]

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

[@robfiery2207]

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-retirementplanner]

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?

[@lonewolf9506]

Why is there tax on it when that money has already been taxed from your wages

[@chrisbourne-retirementplanner]

Hi there. The money hasn’t been taxed from your wages - pension contributions receive tax relief.

[@henrytudor7058]

Nest, the next big financial scandel.

[@yanan3681]

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]

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]

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]

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]

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]

@@chrisbourne-retirementplanner thanks

[@adampowell2901]

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-retirementplanner]

Unfortunately this seems to be a common theme with NEST.

[@adampowell2901]

Same experience here. I was told lie after lie for four months and have finally received my money today.

[@simplexs7870]

Can you choose how the money is invested?

[@chrisbourne-retirementplanner]

Yes you have a limited range of funds to choose from.

[@mmartin4978]

My workplace pension is with a company called NOW I suspect they are a poor scheme, does any one know

[@linanou1881]

It is very poor soon your pot will be empty they take a lot of taxes, they don’t respect rules

[@daveericson8447]

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-retirementplanner]

Hi there. No you would receive tax relief on your contribution.

[@daveericson8447]

​@chrisbourne-taxfreeinvesti9688 thanks for your reply

[@derektaylor3863]

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]

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]

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]

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]

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.

[@mutintakalulu4345]

Hi Emma, did your partner get the money? This is almost a year later, just want to check if they did

[@aryamohanmohan6560]

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-retirementplanner]

You will still be entitled to the money you've put in there when you reach the permissible age for withdrawal.

[@juliawillis1240]

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]

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.

[@joepotter4338]

Hi Chris, does the Sharia fund start in the foundation phase?

[@chrisbourne-retirementplanner]

Hi Joe. As far as I'm aware, you can choose whichever investment fund you want from outset.

[@mihaelaenea3426]

Hi Chris. Between NEST and Profile Pensions which one is better performing g? Is NEST Sharia very risky ? Thank you. Am self employed.

[@chrisbourne-retirementplanner]

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.

[@mihaelaenea3426]

@@chrisbourne-retirementplanner Thank you for your reply, Chris. Which pension provider is better ? I have never invested or saved for pension.

[@chrisbourne-retirementplanner]

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.

[@mihaelaenea3426]

@@chrisbourne-retirementplanner Thank you, Chris

[@benagyemanbadu4218]

How can I take my pension out

[@chrisbourne-retirementplanner]

Hi there. You can access your pension currently at age 55, rising to 57 for those not 55 before 6th April 2028.

[@thevalencias29]

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]

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.

[@bartz4439]

"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-retirementplanner]

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]

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]

Nest can’t currently facilitate flexible withdrawal like that Dan. You would need to move the pension to a different provider.

[@jonathanhoughton2354]

Biffa employee with a nest pension 👍

[@essentialvital2696]

Can you take your retirement fund out from nest in one lump ?

[@chrisbourne-retirementplanner]

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.

[@sajjadpasha2588]

Nice

[@chrisbourne-retirementplanner]

Thank you 👍🏼

[@GASHPAN]

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-retirementplanner]

Sadly I do hear a lot of NEST’s poor service on here.

[@ruthiwuji6037]

Please what does it mean to stop contributions on nest

[@chrisbourne-retirementplanner]

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).

[@ruthiwuji6037]

@@chrisbourne-retirementplanner it means there won't be any deduction again from my salaries for pension right?

[@chrisbourne-retirementplanner]

Yes.

[@ruthiwuji6037]

Thank you so much

[@andrewgibson1331]

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-retirementplanner]

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]

Can i withdraw pension from nest if i change my employer?

[@chrisbourne-retirementplanner]

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]

When you retire can you take your pension pot out and have the cash

[@chrisbourne-retirementplanner]

Yes you can. The first 25% is currently available tax free, the remainder is subject to tax.

[@jessica-zi6ui]

can i take my money out

[@chrisbourne-retirementplanner]

Yes, when you reach the minimum access age. This is currently 55, rising to 57 in 2028.

[@danielorlandogonzalezbajan7835]

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-retirementplanner]

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]

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]

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]

@@chrisbourne-retirementplanner I think it has something to do with the language barrier and lack of training

[@vannehernandez7829]

Super

[@SukhdevSingh-mc7fi]

Hi Chris where are you Based Needed to talk about my Private Pension with you thanks

[@BenBen-yx6ug]

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-retirementplanner]

That’s unfortunate. I hope you buck the trend!

[@paulcatt7743]

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

[@PaulDurbin1969]

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!!

[@PaulDurbin1969]

NEST have this vague statement about trannsferring out "If you're transferring money out of Nest, we MAY ask you for additional information."

[@chrisbourne-retirementplanner]

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.

[@PaulDurbin1969]

@@chrisbourne-retirementplanner it’s almost like they make it complicated so you don’t bother moving away!!

[@astroterra5021]

Nest is rubbish