What happens to my Nest pot if I change, lose or take a break from my job?

What happens to my pot when I leave my employer? Does the reason why I'm leaving make a difference?

Regardless of the reason for your change in employment circumstances, your pension pot will continue to be looked after by us after leaving your job. The hard-earned money in your pension pot belongs to you and is yours when you leave. 

When you leave a job, all contributions to your pension pot will end. However, when you’re working again and if you are eligible, you will be auto enrolled by a new employer and able to return to paying into a workplace pension.

What happens when I join a new employer/become self-employed?

What happens to your Nest pension pot when you gain employment in a new position will depend on whether your new employer uses Nest.

If you have changed your job and your new employer uses Nest, they may enrol you into Nest again to fulfil their pension duties. If the details do not match, we’ll send you a welcome back letter asking you if you’re already a member of Nest. You’ll need to complete the form and send it to us at Nene Hall, Lynch Wood Business Park, Peterborough, PE2 6FY. You can also send us the completed form from your Nest secure mailbox. Please ensure that the attachment file doesn’t exceed 2 MB and it isn’t compressed or zipped. Once we receive your completed form, we’ll update our records and merge your accounts.

If you find yourself with several pension pots with different providers, read more on the benefits of transferring them all to one place here.

If your new job does not use Nest, your retirement pot with us will remain active. You can continue to make additional contributions through your Nest online account, find out how here. 

Self-employed Nest members can make regular or one-off contributions into their Nest accounts, but there is a minimum contribution set at £10. To find out more information on contributing as a self-employed member, click here.

What do I need to do?

If your employment circumstances change, there is nothing you need to do to keep investing in Nest. Your employer will provide all the necessary details and let us know that you will be leaving.

When there are changes to your employment status, we recommend logging into your Nest Account to update your details. If you have not logged in before, it's quick and easy! You’ll need your Nest ID or National Insurance number. Read more on how to update your details here.

How much does it cost?

The only cost incurred is the Nest annual management charge, which is just 0.3% on the balance of your pot, which is less than many other providers. This payment is automatically taken so no action is required from you.

Can I keep contributing to my pot?

Yes, if you would like to continue making contributions to your pension, you are free to do so. However, it is worth noting that you will not receive employer contributions and you will be charged 1.8% on your contributions. Whether you’d like to contribute regularly or in a lump sum, simply log into your account, select ‘Contributions’, and pay into your pot. Learn more about making additional contributions here.

How are my final contributions worked out and when are they paid into my pot?

If you are leaving an employer, your final pension contributions will be taken out of your last payslip and will be based on your normal taxable pay.

Can I take my money out?

You can transfer your money out of Nest at any age to another UK registered pension scheme or a Qualifying Recognised Overseas Pension Scheme also known as QROPS. There are a number of things to consider before you make a decision. Please see How can I transfer money out of Nest? for more information.

If you would like to take out and use your pension money, you can only do so if you meet specific criteria, including:

• You are aged over 55 - From age 55, regardless of your employment status, you can choose to take all or some of your money out of Nest by logging into your online account. For more information, please see How can I take my money out of Nest at retirement?
• You are terminally ill or incapacitated and unable to work – If you’re suffering from serious ill health, you might be able to take your whole retirement pot as tax-free cash, regardless of your age. You may also be able to take your money out early if you’re incapable of work due to illness, providing a doctor can confirm - find out more here.

If you are still of working age and have been made redundant, you can find more information and impartial guidance on the MoneyHelper website.

Can I transfer my savings?

If you have other pension pots, you can transfer them over to Nest quickly and easily. It’s free to transfer your other pensions in and out of Nest, but it’s worth checking with your other provider if these actions can incur fees.

Pension scammers target savers of all ages in many different ways and their methods are always changing. It’s important you know the warning signs of a scam to help make sure you don’t become a victim. For more information on pension scams, visit ScamSmart.