I have a small pension with NEST which I am trying to transfer to my existing pension with True Potential LLP so that all of my pensions are consolidated in one place.
As someone who understands pensions and investments and is simply consolidating existing pension pots, I found the transfer process unnecessarily complicated and slow.
What should be a straightforward transfer has taken months and I have encountered repeated delays and very slow responses from NEST Corporation.
The transfer was recently flagged as an “amber” case because I did not list every underlying investment fund on the form. As a result I now have to complete a guidance appointment with MoneyHelper before the transfer can proceed. The earliest appointment available is more than eight weeks away, which adds yet another delay.
I fully understand the need for anti-scam protections, but the overall process feels unnecessarily bureaucratic, especially for a relatively small pension transfer to a well-known FCA-regulated provider.
The lack of timely communication and the length of time this process has taken have made the whole experience far more stressful than it should be.
Having also read other reviews, it appears that many customers find it very easy to transfer pensions into NEST Corporation, but considerably more difficult to transfer out. Based on my own experience and the experiences described by others, the process feels unnecessarily slow and complex.The overall impression is that transferring out of NEST is far more difficult than it should be for customers simply trying to consolidate their pensions elsewhere.
Based on my experience, I would not recommend NEST if you expect an efficient or responsive transfer process.
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Nest was set up by the government to give every UK worker somewhere good to save after the introduction of auto enrolment. Since then, it’s grown to become the largest workplace pension scheme in the country with more than 13 million members. As a not-for-profit pension scheme, Nest doesn't answer to shareholders. It’s set up to serve its customers’ interests and aims to help millions of people enjoy a better retirement. Nest’s members benefit from an award-winning investment strategy and one of the most diversified DC portfolios in the industry. It practices responsible investment to help manage long-term growth and risk while also helping contribute towards the world its members want to live and retire in.See more
