How will I know when to expect refunds?

You’ll receive a message titled ‘Refund to your bank account’ in your secure NEST mailbox when your refund is on its way to you. The message will contain a ‘Refund payment details’ sheet which will show the types of refund you’ll receive.

We’ll attach one of two types of opt out refund files to your message:

File beginning with ‘OO’ – this is a file showing refunds of contributions from opt outs. If contributions were allocated to the member’s NEST account before the opt-out was processed the file will show the refund amount as well as payment source details for each member who has opted out before 6pm the previous day. It will also show the total refund amount for all members included in the file. This file will begin with ‘OO’ followed by a number. This file will also contain any enrolment cancellation refunds if you’ve cancelled any member enrolments. The information sent to you will include refund details for opt-out requests that have been received on the previous business day and, or weekends or bank holidays, through the NEST website, telephone opt-out or where you’ve processed a paper opt-out form.

File beginning with ‘IROO’ – this is a file showing refunds of contributions from opt outs that haven’t been allocated to a member’s pot yet. It can take up to two working days for us to allocate contributions to member’s pots. If you’ve paid by Direct Debit or debit card it will include details of member contributions, group, payment source, contribution schedule details and the total refund amount. This file will include details of money that was on its way to us as a payment when the member opted out. This file will begin with ‘IROO’ followed by a number.