Taking your money out of NEST
[Pages:19]Taking your money out of NEST
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About this booklet
This booklet is designed to help you think about what you want to do with your money when you take it out of NEST.
It doesn't give you financial advice and is provided for information only.
You can also get professional independent financial advice about using the money in your retirement pot and which type of retirement income you'd like. You don't have to, but it might help you understand your options if they aren't clear. Please remember that any financial advice you do get will be independent of NEST.
Did you know?
The glossary at the end of this document is a useful reference tool. It will help you understand some of the technical terms you may come across while you're researching your retirement options.
Although we explain technical terms as we come to them, the glossary puts them all together.
What's inside
About this booklet
2
What's inside
3
Getting started
4
Getting ready for retirement
6
Your retirement options
12
Taking cash from your NEST retirement pot
15
Getting a guaranteed income through an annuity
19
Transferring your retirement pot to another scheme
25
Lifetime allowance
28
Annual allowance
29
Glossary
31
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01 Getting started
We've designed this booklet to help you get the most out of your NEST savings. It's part of your NEST retirement pack and should be read alongside your retirement letter.
When we talk about retirement we mean the point in your life when you choose to take your money out of NEST.
It doesn't necessarily mean you'll stop working. Some people decide to take their money out when they reach a particular age but they still want to work as well.
The decisions you make now about whether to continue saving or take your money out will make a difference to how much is in your retirement pot when you take your money out of NEST. Your retirement could last for many years, so it's important to think carefully about your options.
This booklet will help you understand the decisions you need to make. It explains your options and helps you decide which one is right for you.
What's in your NEST retirement pack?
As well as this booklet, you should also have:
your retirement letter
There's a lot to think about so give yourself time to read about all your options and collect any other information you need.
You shouldn't rush these decisions. You may want to talk to your partner or family before choosing how and when to take your money out of NEST or any other pension scheme.
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