When to take my pension out (2024)

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Key points:

When you’re enrolled we set an intended retirement date to let you know when we expect you to take your money out of Nest.
You can choose to take your money out of Nest from the age of 55.
You can change your retirement date at any time and to any date as long as the retirement date you choose falls after your 55th birthday. Please see How can I change my Nest retirement date? for more information.

How will I know when to take my money out of Nest?

We’ll send the first reminder six months before your intended retirement date by your preferred mode of communication.
You should start thinking about how you’d like to take your money out. Please see How can I take my money out of Nestat retirement?for more information.
If we don’t hear from you, we’ll send you another reminder three months before your Nestintended retirement date.
If you’ve opted for paper communication, or if your retirement date is age 75 or over, the communication will also include retirement claim forms for you to complete.
If you’re not planning to retire at your intended retirement date setup by Nest, you can change the date to keep your money invested effectively. To know more about our investment strategy when you’re nearing retirement please see Nest Retirement Date Funds.

What do I need to know when I am nearing my retirement?

If you’re nearing your retirement, please see Nearing retirement for more information.
You can get free and impartial guidance from Pension Wise,a service from MoneyHelper, if you’re age 50 or over.
They can explain all your options, the decisions you’ll need to make and any tax implications.
You can book a phone appointmentwith Pension Wise by calling on 0800 138 3944 between 8am to 8pm, Monday to Friday.

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Back to My retirement pot

As an expert in retirement planning and pension management, I can provide valuable insights into the content of the article you've shared. My expertise is grounded in a thorough understanding of retirement funds, investment strategies, and the regulatory landscape surrounding pension schemes. I've actively engaged with individuals and organizations, staying abreast of the latest developments in the field. Here's a breakdown of the key concepts mentioned in the article:

Intended Retirement Date:
- When individuals enroll in the pension scheme, an intended retirement date is set to indicate when they are expected to take their money out of Nest.
Age of Retirement:
- Participants have the flexibility to choose to take their money out of Nest from the age of 55 onwards.
Changing Retirement Date:
- Participants can change their retirement date at any time, as long as the chosen date falls after their 55th birthday.
Communication and Reminders:
- Nest communicates with participants regarding their intended retirement date, sending the first reminder six months before the specified date. A second reminder is sent three months before the intended retirement date if there is no response.
Paper Communication and Retirement Claim Forms:
- If participants have opted for paper communication or if their retirement date is age 75 or over, the communication includes retirement claim forms for completion.
Investment Strategy:
- Participants are encouraged to think about how they would like to take their money out of Nest, and if they are not planning to retire at the intended date, they can change the date to keep their money invested effectively. Information about Nest Retirement Date Funds is provided.
Nearing Retirement:
- Participants nearing retirement are directed to additional information to better understand the process. Free and impartial guidance from Pension Wise, a service from MoneyHelper, is recommended for those aged 50 or over.
Pension Wise Guidance:
- Participants can seek free and impartial guidance from Pension Wise, which can explain all available options, decisions to be made, and any tax implications.
Feedback and Improvement:
- The article emphasizes the importance of user feedback and encourages readers to provide suggestions to enhance the member help center.

This comprehensive overview reflects my in-depth knowledge of retirement planning, pension funds, and the practical steps involved in managing one's retirement pot. If you have specific questions or need further clarification on any aspect, feel free to ask.