Nest Pension

[Littlebluedinosaur]

I worked in the public sector until recently so my pension up to now was in one of the defined benefit schemes. I’ve just started a new job and they’ve said I’ll be auto-enrolled into a company pension with Nest. I’ll put in 5% and my employer will put in 5% also. This 5% is a lot less than my previous job contribution rate which was over 10% but I think the two schemes differ greatly anyway. Is anyone knowledgeable about these Nest pensions? I am happy to be enrolled. I think. But should I put more in than 5%? Can I choose to do that? At the moment it would be a struggle due to childcare costs and taking a pay cut for this new job but I’m thinking about when childcare costs reduce for the free hours.

Your new pension won’t be as good as your public sector one, so less paid in by both your employer and yourself. I have a Nest pension from my previous employer, I’ve carried on paying in, obviously no employer paying in but still get the government paying in to it. You definitely can pay in extra when you can, but there is a limit each year.

im the other way round, my last employer paid a measly amount into nest and i put in my own contributions of 200 a month, now its sat there doing nothing really as im now getting a DB one with local council, which is obviously better, so yes you can add more and the more i added the more TR i got..you can manage your own pension pot with one off or regular contributions.