How to transfer your pension out of Nest

Nest is the workplace pension scheme setup by the UK Government. It serves over 10 million members across the UK. Consequently, many people will find that they have Nest pension pots they might never have viewed or accessed.

You might be changing jobs, seeking better investment options, or simply wanting to consolidate multiple pensions, and therefore considering transferring your pension out of Nest. Here, we’ll walk you through the steps involved.

What is a Pension Transfer?

A pension transfer is when you move your pension funds from one provider to another. It's a simple process, often entirely digital, though there are some important points to consider.

When you transfer, your existing investments are sold, and the proceeds are turned into cash. This cash is then transferred to your new pension provider (just like a bank transfer) and reinvested according to your new plan. Most pension providers manage this process for you so you won't need to do anything in the transfer process.

Why Transfer Your Pension?

You might consider transferring your pension if:

• You’re changing job.

• Your current pension scheme is closing.

• You want a better pension scheme with different investment options or lower fees.

• You want to consolidate multiple pensions into one pension account.

The Steps to Transfer Your Pension from Nest

Nest uses Origo, the electronic pension transfer system. Transferring your pension from them to another provider typically involves the following steps:

1. Set Up a New Pension Account
   First, choose your new pension provider. If you haven’t done so, set up a personal pension account. Penny is a great option for consolidating your pensions, but there are others that exist also.

   
   

2. Initiate a Transfer Request
   Ask your new provider to start the transfer process. You’ll need to provide some information about your Nest pension such as your name and policy number. If you're using Penny, we'll gather this information for you.
   For other providers you'll need to provide your policy number. You can find your Policy Number in a few ways:

   • If you've registered for an Online Account, you can login and view your Policy Number there: https://www.nestpensions.org.uk/schemeweb/nest/my-nest-pension.html

   • If you have old paperwork from Nest (your employer may have provided you with a Welcome Pack), your policy number will be in the header of the front page.

   • You can call Nest customer service team on 0300 020 0090, tell them your name and NI number, and ask for your Policy Number.

     
     

3. Process the Request
   Your new provider then requests the transfer from Nest. Nest will receive your pension transfer request via the electronic transfer system called Origo, and process it, which usually takes 4-6 weeks.

   
   

4. Transfer of Funds
   Nest will transfer the funds to your new pension account. Your new provider should notify you when the transfer is complete. With Penny, you can track the progress in our app and receive automatic updates throughout the process.

   
   

5. Completion
   Once the transfer is complete, your funds will be in your new personal pension account, and your Nest pension pot will be closed. Note: In rare cases, Nest may have multiple pension pots for you, so you may need to ensure all are transferred.

How Penny can help

At Penny, we handle all the hard work. We simplify the entire process, making it fast and digital—no paperwork! Plus, we can transfer all your pensions completely free, regardless of how many you have or their size.

Things to Consider

Before transferring, compare the fees, benefits, and investment options of the new provider. Keep in mind that with pensions, your capital is at risk, and it's important to ensure the investments and features available are suitable for you.

For free, impartial information about transferring your pension, visit MoneyHelper. You can also seek advice from an independent financial adviser, though be aware that there may be a cost for their services.

Transferring your pension can lead to better management and potentially better growth of your retirement savings. With Penny, we make the process as smooth and straightforward as possible.

Ready to get started? Download the Penny app and take control of your pension today.