NEST Ban on Pension Transfers Lifted

NEST (the National Employment Savings Trust) is lifting its ban on people transferring into its pension scheme. The government-backed scheme, setup in 2012, provides pensions for over four million people, across 300,000 employers.

The Telegraph reports

“… from 1 April members will be able to move any existing pensions above £50 into NestIn addition, the normal 1.8pc charge on each contribution looks set to be waived for transferred funds, the pensions minister Richard Harrington suggested last week… Nest’s usual 0.3pc annual charge will apply… A spokesman for Nest said: “From 1 April, existing members can log in to their account and download a pre-populated form from our website to send to their other pension provider to complete… “A dashboard on Nest’s website tracks the progress of the transfer once the member has sent the form back to us. Once we get all the information and money back from the other scheme then we will process the transfer in three working days.” …Financial advisers often recommend consolidating pension pots collected over your career.”