Withdraw from your Nest pension
Nest doesn’t offer flexible ways to take money from your pension pot – but that doesn’t mean you’re stuck. You can set up a Penfold pension in minutes and transfer your Nest pot over – then start accessing your money your way.
Your pension pot value can go up or down, but staying invested can help it grow
Why can’t I withdraw directly from Nest?
Nest is designed to help you build up your pension – but when it comes to taking money out, it doesn’t offer much choice. They don’t provide flexi-access drawdown or annuity options, which means:
- You can’t start taking a flexible income
- You can’t manage how your pension stays invested
- You’re limited in how you access your money
The good news? You’re free to move your pension pot to another provider – like Penfold.
We'll process the withdrawal for you and everything you need is available online or through the app. No paperwork required.
Withdrawing with Penfold is free - there are no hidden charges for transferring or accessing your money.
How Penfold helps you withdraw flexibly
Transferring your Nest pension to Penfold means you can:
- Take a tax-free lump sum (typically 25%)
- Start flexible drawdown income when it suits you
- Keep your remaining pension invested and growing
- Change your withdrawals at any time
- Manage everything online or in our easy-to-use app
- You’ll also get access to expert support, transparent fees, and award-winning customer service.
How to withdraw your Nest pension using Penfold
It only takes a few minutes to get started. It’s completely free, your money stays protected and there are no forms or phone calls needed. Just follow these steps:
- Open your free Penfold pension account
This is where your Nest pension will be transferred.
- Request your Nest transfer from your Penfold dashboard
Once you’re set up, go to 'Transfer a Pension' in your Penfold account and tell us you want to move your Nest pension.
- We’ll do the rest
We’ll contact Nest, manage the transfer, and keep you updated along the way. You don’t even need to log into Nest.
