Transfers
In this section
When can I transfer money out of Nest?
You can transfer your money out of Nest to another pension scheme at any time, after you’ve stopped contributing into your Nest retirement pot. For more information please see How do I stop contributions?
Nest won’t charge a fee or penalty if you transfer your money out. The value of your retirement pot at the time of transferring out is based on the value of the funds where your contributions have been invested.
The provider you’re transferring to, may deduct a charge when they receive the transfer payment from Nest. If you’re transferring to an overseas pension scheme, an overseas transfer charge may be applicable. Whether you’ll be subject to this charge will depend on where the pension scheme you transfer to is based and what type of scheme it is. It could also apply if you exceed the overseas transfer allowance of £1,073,100 as set by the government. If you’ve taken money from any of your pension pots in the past, it will reduce your overseas transfer allowance.
You can transfer your money from Nest to a UK-based pension scheme that’s registered with HMRC or a Qualifying Recognised Overseas Pension Scheme (QROPS). The scheme you’re transferring your Nest fund to will be able to tell you which type of pension scheme they are. Depending on the type of scheme, we may need further evidence in order to transfer your money.
Nest uses Origo Options, which can be the quickest and easiest way to transfer your pot. You’ll need to contact the other scheme and ask if they use it. For more information please see Companies using Origo Options.
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