Nest Pensions

Nest Pensions: a government-established workplace pension scheme

Nest is a workplace pension scheme established by the government. The organisation presents itself as free for employers and easy to set up, and states that it helps over 13 million members save for their future. Its activity centres on managing pension accounts for employees and self-employed workers, as well as investing the accumulated funds.

Membership and types of enrolment

The scheme offers different ways to join: through your employer, as a self-employed worker or through divorce settlements. There is also the option to opt out. For new members, the process includes a welcome email and postal documentation, along with instructions for setting up access to the online account.

Online account and tracking contributions

Members have an online account where they can view their personalised dashboard, check the progress of their savings and see whether their pension is on track. The platform allows you to manage your profile, review contributions and fees, and check third-party contributions. The organisation recommends reviewing your annual statement regularly.

Transferring pensions

Nest allows you to bring multiple pension pots together into a single account to make them easier to keep track of. According to the organisation, transfers are free of charge. It also sets out the conditions for transferring money out of Nest and what happens to the plan if the holder dies.

Investment options and funds

The scheme offers different investment options, including the Retirement Date Fund, the Higher Risk Fund, the Ethical Fund, the Sharia Fund, the Lower Growth Fund, the Guided Retirement Fund and the Ready to Retire fund. The organisation publishes fund performance comparisons and explains its responsible investment approach, as well as how it manages market uncertainty. Members can see who manages their money and choose between different options according to their profile.

Retirement planning and support resources

Nest provides users with tools to calculate retirement income, work out how much they should save and assess the impact of lifestyle changes on their savings. It also offers guidance on pension tax and on the different ways to withdraw money at the end of your working life. The organisation has a help centre and separate contact channels for members, employers and advisers, as well as a complaints procedure.

Corporate structure and transparency

Nest Corporation is the body responsible for the governance of the scheme. The organisation publishes information about how it operates, its investment library, its policies and consultations, as well as press releases and resources for journalists. It also shares materials on fraud prevention in collaboration with government campaigns.