What happens if you leave?

When you leave the Company the contributions that you and Compass have been paying into your NEST account will cease.  You can agree with NEST to carry on paying your own personal contributions if you wish.

If and when you move into employment with another Company they will also have obligations under the Pension Automatic Enrolment Regulations to provide you with access to a pension and if you meet the criteria they will be obliged to contribute as well.  You should though be aware that the introduction of Pension Automatic Enrolment is being staggered, with smaller companies having a later staging date than Compass, consequently a new employer may not yet have to comply.

There is no access to contributions paid into NEST when you leave the company prior to retirement age.  Your contributions, and those of the Company, will be left invested until you reach retirement age.  However, you can carry on paying contributions if you wish.  If a new employer also uses NEST to meet its auto-enrolment obligations then contributions that you and your new company make will be added to the pot that you already have.

You can draw your pension from NEST at any time from age 55, although the earlier that you draw it the smaller your pension will be as it will have had less time to accumulate and yet it will be expected to be paid for a longer period of time.