Supporting you through
uncertain times

There’s no simple answer as it depends on your personal circumstances. Remember that your employer may also contribute to your pension pot and if you stop contributing, your employer will usually stop contributing too. You may also get extra money in your pot from tax relief. Pausing your contributions means you won’t get these extra savings.

You may find our help centre article useful as you explore your options.

We recognise that times are tough and bills are set to rise, particularly over the winter months. If you need to pause or reduce your contributions to focus on your day-to-day costs, that’s okay. Just set a personal reminder to start contributions when you’re ready. You may need to ask your employer to get these set up again.

In most cases, there’s a legal minimum amount that must be paid into your pot by yourself and your employer. That means you’ll only be able to reduce your payments if your employer currently pays more than the minimum level. You'll need to discuss this with your employer. If you’re self employed or your employer isn’t required to contribute towards your pension, you can choose to pay as much or as little as you’re comfortable with.

If you’re able to keep contributing, you’ll get extra money from your employer and the government every time you top up your pot, as long as you’re eligible. Whether you’re contributing or not, we’ll work hard to grow your money by investing it, aiming to beat the rising costs of living.

If you’d like to get a clearer view of where every pound goes and how you can make the most of your finances, MoneyHelper’s budget planner might help.

If you’ve just been enrolled into Nest but aren’t sure you can afford to contribute, you can opt out up to four weeks after your enrolment. Opting out means you won’t receive any additional contributions from your employer or from the government through tax relief.

If you change your mind after you’ve opted out, you’ll need to ask your employer to enrol you into Nest again. It might be worth setting a personal reminder for a few months’ time to see whether you’re ready to start saving for the future.

We don't charge for transfers, so you can easily transfer your other pots to Nest. We have a track record of providing good returns while taking less risk with your money.

Although you can't withdraw your savings before age 55, you can transfer your different pension pots into Nest. Many people find their savings easier to manage when they combine their pots together.

While your savings are with us, our investment team is working hard to grow your money, aiming to beat the rising costs of living.

If a scheme offers to help you release cash from your pension before you’re 55, it’s almost certainly a scam. You can only withdraw your savings before then if you’re suffering from serious ill health or are incapable of work due to illness.

You can access your pension pot from the age of 55. Whether you choose to take all or some of it, you can withdraw 25% of your savings tax free. You’ll find all the information you need in our help centre article on taking your money out.

If you’re still working then it’s worth thinking about whether you’ll need your pension savings to fund your later life. The longer you can leave your savings untouched, the longer you’ll have to build up your pot. There are also tax implications to bear in mind.

Whatever you decide, we recommend you get advice or guidance from an independent expert. Pension Wise offers free appointments to talk through your options and help you make the right decision for your circumstances. They can also check that you’re not being scammed. Fraudsters will try to take your pension savings by promising high returns, often preying on money worries and using high pressure tactics. Keep an eye out for these common warning signs.

If you’ve built up several pensions over the years but lost track of your pots, the government offer free service to search for lost pensions. Recent studies estimate there may be over £26 billion held in lost pension pots – don’t let yours be one of them.

The world of work has changed over the years and not everyone retires as soon as they reach State Pension age. Some choose to stop working earlier. Others move into semi-retirement or part-time work so they can continue to build up their pot. Whatever your plans, it’s your choice.

If you’ve decided to stop working and would like to withdraw your Nest pension to live off, take a look at the different options available to you at retirement.

The longer you leave it until you start taking your pension, the longer your money has to grow. And the longer you leave it until you claim your State Pension, the higher your payments could be. And if you choose to keep working after age 66, you generally won’t have to pay National Insurance contributions, increasing your take home pay.

To see how much money you’re entitled to, check your State Pension forecast.