Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Investments

Discuss investments with other users on our Investment forum. For more advice read our tips for saving for your child's future.

Lump sum into Nest Pension

6 replies

LatteLass · 20/02/2025 17:49

For the first time in my life (57) my income this year will push me into the higher tax bracket.
I work for an agency so income varies each month. I do pay into a private pension but its a
relatively small amount which I am not allowed to increase.
Can I make a lump sum payment into an existing (but dormant) NEST pension scheme to get my annual income down into the lower tax bracket?
I have registered for tax self assessment but this is my first year.
I hope this makes sense!

OP posts:
LivLuna · 20/02/2025 19:39

Not sure why you can't add to your private pension. It's a good idea to make an additional contribution but I wouldn't do it to a Nest Scheme. If I were you I would transfer the Nest pot into a cheaper better platform and then make an additional contribution.
Nest take 1.8% of all contributions before they are invested so are not good value for money.

skuml · 20/02/2025 21:35

LatteLass · 20/02/2025 17:49

For the first time in my life (57) my income this year will push me into the higher tax bracket.
I work for an agency so income varies each month. I do pay into a private pension but its a
relatively small amount which I am not allowed to increase.
Can I make a lump sum payment into an existing (but dormant) NEST pension scheme to get my annual income down into the lower tax bracket?
I have registered for tax self assessment but this is my first year.
I hope this makes sense!

I would check out SIPP providers. DO check out Vanguard or investengine for easy eft options. Investmentegine is one of the low cost compared to lots of other SIPP providers.
If you have large corpus then fixed fee SIPP provider might be good ( such as freetrade).
Hope this helps

worldwidetravel2017 · 15/10/2025 14:57

LivLuna · 20/02/2025 19:39

Not sure why you can't add to your private pension. It's a good idea to make an additional contribution but I wouldn't do it to a Nest Scheme. If I were you I would transfer the Nest pot into a cheaper better platform and then make an additional contribution.
Nest take 1.8% of all contributions before they are invested so are not good value for money.

I didnt know this .

Old employers of mine set me up with a nest

worldwidetravel2017 · 15/10/2025 15:01

LivLuna · 20/02/2025 19:39

Not sure why you can't add to your private pension. It's a good idea to make an additional contribution but I wouldn't do it to a Nest Scheme. If I were you I would transfer the Nest pot into a cheaper better platform and then make an additional contribution.
Nest take 1.8% of all contributions before they are invested so are not good value for money.

Dya have a source / link for that last sentence or 2 please ?

New posts on this thread. Refresh page
Swipe left for the next trending thread