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