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Letter to the editor: Nest does accept nomination forms

Following the recent article ‘Rob Reid: Squabbling over DC damages trust in pensions’ we would like to make clear that we do accept nomination forms and those forms are binding on the NEST Trustee.

NEST doesn’t second guess members’ wishes; we’ll do exactly what they ask of us and regardless of their marital status. So, if a member dies before taking their money out of NEST we pay a cash lump sum equal to the value of the member’s retirement pot. This is paid to their nominated beneficiaries in line with the member’s wishes.

Section 18 of the Order and rules of the National Employment Savings Trust clearly outlines the process.

Graham Vidler is acting managing director, customer and proposition at Nest

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Yet again NEST chose go doing exactly the opposite too accepted practice in the rest of the industry. Who pays when NEST are sued by a spouse when the nomination form still says I leave if to my mother and they got married several years earlier, had 7 kids and their mother has since died!
    This is what happens when you let a quango deal with OPM!

  2. “NEST doesn’t second guess members’ wishes; we’ll do exactly what they ask of us and regardless of their marital status. So, if a member dies before taking their money out of NEST we pay a cash lump sum equal to the value of the member’s retirement pot. This is paid to their nominated beneficiaries in line with the member’s wishes.”

    If NEST doesn’t use any discretion on death benefits does this mean that funds in NEST are not exempt from IHT

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