Soldato
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- 24 Jun 2021
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IFA for advice?
Pension fund performance - do you monitor yours, how is it doing, do you actively change it?
- Thread starter danlightbulb
- Start date
Is NEST actually a scam or run by the most incompetent people on the planet?
Their website has the infrastructure of a creaking 2001 NT4 server running on dial up and trying to opt out? Forget it, I have been trying for a month and getting nowhere. Their "agents" are some call centre in India Im guessing from the names and are about as helpful as a wet Argos catalogue. I followed their convoluted opt out procedure only to receive a welcome email 8 hours later telling me they had opted me in. Much is made of being government backed (not as big a boast as they think it is) but its run like a mafia scheme.
Their website has the infrastructure of a creaking 2001 NT4 server running on dial up and trying to opt out? Forget it, I have been trying for a month and getting nowhere. Their "agents" are some call centre in India Im guessing from the names and are about as helpful as a wet Argos catalogue. I followed their convoluted opt out procedure only to receive a welcome email 8 hours later telling me they had opted me in. Much is made of being government backed (not as big a boast as they think it is) but its run like a mafia scheme.
Eh, it's basically the fall-back for companies that can't be bothered to do the least bit of research into finding a decent pension provider.
I know if you're already in it, that's not very helpful, but my take is that it was never designed with the intention of being good.
To be fair I found opting out pretty straightforward, done using their website. My wages dept got notification the next day.
But yeah, generally I found them not at all good, for reasons only known to them, their yearly statement did not run from Apr to Apr, which is of course what you need for a tax return. Can not do a partial transfer out. Can not do a complete transfer out unless you "opt out" and close down your account totally. Fees of 1.5% on all contributions including tax relief, very limited funds to pick from, etc etc.
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My daughter's employer uses nest, annoying, but it isn't so bad it is worth loosing the employers contribution for... She can always transfer out when she changes employer.
Soldato
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That.
Those of you opting out, I'm assuming your employer is happy to contribute to another pension provider?
Hence why it seems like a scam. Its enforced and backed by the government, they don't let you leave easily and they take a cut for doing nothing other than gambling with your money.
Well I still don't know if Im opted out. They've had over 24 hours to send me an email and all I've had is a "log into nest" email which sounds like they signed me up anyway, but if I try to log in, it says I cannot sign in because Im not active, but I STILL don't have a reference number to give my employer. Like I said, its either run by THE most incompetant people or its a scam.
NEST certainly isn't a scam but it's far from ideal
Also remember even if you opt out now - you'll be automatically opted back in 3 years from now and have to do it all over again.
Although it's in dire need of reform, why are you opting out? What are you doing instead?
Reminds me of the back office computer in my Kwiksave days
Soldato
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The Mrs is with Nest and she pays in the minimum to get the company contribution, and has it set to the "risky" fund.
It's making the best of a bad pension provider.
It's making the best of a bad pension provider.
Yes not sure why someone would opt out and forego the free company contribution unless they are desperate for money.
Surely the ideal is to have Nest, although flawed, and have a SIPP anyway where the real growth can be made.
Surely the ideal is to have Nest, although flawed, and have a SIPP anyway where the real growth can be made.
3% company contribution isn't really all that much if they are taking 1.8% of the contribution in fees AND offering poor funds choices. I'd be very tempted to opt out and pay into a low cost SIPP invested in a global tracker instead.
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I don't disagree, the fees are scandalous. I will however take a wild guess that most people opting out won't be putting it into a SIPP though.
I just did a calculator thing after reading your question and am shocked to see ill
Be in shortfall. Literally nowhere near where I should be , and I’m putting 20% in. (Employer 3%)
I also clicked on this thread to see if folk were generally moving their pensions to vanguard from whatever generic rubbish their company chooses for them