Nest pension . Any good?

[Bestmoonlove]

My new company uses NEST. Is this any good?

Previous pension provider is Standard life?

Its easy to use for employers and website is simple for consumers (much easier than my aviva workplace pension i have now).

Downsides - you will automatically be put in a lower risk fund unless you change it (which is v easy to do). There arent many fund choices. Nest take a % of your conttibutions.

My current employer uses nest, I’m not a fan for the reasons above, mainly because fund choices are too restrictive. I use it to get the contribution from my employer, the rest goes into my Vanguard SIPP.

Will your new employer pay into your standard life pension, maybe? (or a new SIPP of your choice). Some employers are happy to pay into any personal pension scheme, so it might be worth asking them.

NEST Sharia fund has excellent returns consistently.

I have a pension with Nest, seems ok, I hope when I take the pension out, they will be better than Aviva who were absolutely dreadful.

Thank you all. I am going to research more about it.

I am contributing 50 percent of my salary as I want to retire in 5 years with DH who is older than me.

Will check this. Thanks

Thanks. I will ask.

How do I get my tax savings if I do a SIPP?

How do you get your tax savings from the private one? Do you have to do
a tax return?

If you don’t do a self assessment return then you can claim the additional tax relief directly from HMRC

https://www.gov.uk/guidance/claim-tax-relief-on-your-private-pension-payments

Thank you

You only need to claim the additional tax relief if you are a higher rate tax payer. Your SIPP provider should automatically add on 20% tax relief

That’s the one my DH has his in. Sharia fund is like a socially responsible fund. No investments into weapons, alcohol, sex industry (pornography), polluting industries, etc

It has a very high initial charge of 1.8% on contributions to fund.

My new workplace uses NEST and I absolutely hate it. Mainly because I contribute 40% of earnings (was a single parent, urgently need to catch up) and it charges 1.8% of money coming into it. Money I could be using to grow my pension.

Doesn’t sound good as I am planning to contribute 50 percent of earnings.

Thank you. Just thought it was better doing ot through salary sacrifice

Nest feed are very high, overall not a good one

The fee on contributions is but the management fee is pretty competitive. When i changed jobs i went from Nest to Aviva. Aviva managment fees are higher than Nest.

So put the basic auto enrolment contribution into nest from your salary. 5%
Your employer will contribute 3%.
If you put more in, your employer is not obligated to put any more than their 3% in.
So if you aren't happy with nest, you can put other money in a separate private pension.
I was mis sold a pension in the late 80s when everyone was obsessed with pensions. Since then I am very risk averse, so nest is fine for me (I'm self employed). I once did a comparison of charges across different pension providers when auto enrolment was being rolled out. Dont just look at one part of the fees. You have to compare total of contribution fees and management fees. I found that some fees are proportionately lower on larger contributions, some make less of a dent in smallet contributions (eg lower paid auto enrolled people).

Thank you. I am risk adverse too do maybe it will be ok. Need to look at fees, etc

I looked at Nest before think their fees are high.

I put a large amount of my salary into pensions, I have NEST through my employer but just contribute the basic 5% into that. Then the rest is put into a SIPP. I have a high risk tolerance and I have more choice through my SIPP. The Sharia NEST fund isn't as good as it was, since it switched from 100% equities to 70%.