Why do I need to set up a refund account?

We may refund money to you for some members in certain situations. When you set up a payment source on your NEST account to tell us how you’re going to pay us contributions, you’ll also let us know how to refund money to you.

You can choose to have refunds made to the same bank or building society account you make contributions from if you’re paying contributions by Direct Debit or you can use another valid UK bank or building society account. You’ll be able to choose the option you prefer when you create the payment source or you can edit the payment source details later.

We may refund money to you if:

• a member opts out after you’ve paid us contributions for them
• a member’s contributions have been corrected in a paid contribution schedule and a refund is now due as the corrected amount is less than what was initially paid
• a member’s enrolment has been cancelled after you’ve paid us contributions for them.