Where this fits
If you have a Nest pot and pensions elsewhere, the question is which of them to keep.
Sunny Bharj
Independent Financial Adviser
Tony Springer
Independent Financial Adviser
Nest is the workplace pension set up by the government and run as a trust. It charges 1.8% of every contribution plus 0.3% a year of the pot. From 55 you can take cash, lump sums or a monthly withdrawal through Nest, but to buy an annuity you have to go to another provider.
Nest is run by Nest Corporation, a public corporation accountable to Parliament through the Department for Work and Pensions. It has no shareholders and runs on a not-for-profit basis. The Pensions Regulator lists it as an authorised master trust.
It is a single workplace scheme. Self-employed people can join, and so can people who receive a pension share on divorce.
Every member pays the same: 1.8% of each new contribution and 0.3% a year of the pot. Nest's own example is someone paying in £1,000 a year with a £10,000 pot, who pays £18 plus £30, a total of £48.
There is no contribution charge on money transferred in, and no charge for switching funds, changing your retirement date or transferring out.
You can transfer out at no charge from Nest, though the receiving provider may charge. You cannot transfer while contributions are still being paid in.
Transfers can only go to a registered UK scheme or a qualifying overseas scheme, and Nest may require you to attend a MoneyHelper scams-awareness appointment first.
Checked on 2 October 2026 against nestpensions.org.uk, gov.uk and The Pensions Regulator's list of master trusts. Phone numbers, charges and options change, so check the provider's own site before you act.
Nest will pay you a monthly income from the pot, but it will not sell you an annuity. For that the money has to move.
Nest's charges are published and are the same for every member, which makes them easy to compare. Whether it suits you depends on the other pensions you hold and how you want to take the money.
Yes, alongside your employer, and self-employed people can join on their own.
No. Nest makes no charge, though the provider receiving the money may.
If you have a Nest pot and pensions elsewhere, the question is which of them to keep.
Independent Financial Adviser
Independent Financial Adviser
A first conversation of about twenty minutes, at no cost to you. Tell us what is on your mind: a pension you have lost track of, a fixed rate ending, a will you keep meaning to write.