Paystream and NEST

[czarcasm]

Currently working via umbrella with Paystream and they have auto-enrolled me into the NEST pension scheme.
I'm inclined to opt out and instead continue making employer SIPP contribution to II given their better fees and flexibility.

Not sure if I'm missing something, but as all pension contributions are ultimately borne by me from my day rate I don't see any advantage of keeping NEST too?

[DolanContractorGroup]

Hi czarcasm,

It's completely personal preference. Paystream had the legal requirement to autoenrol you, but you are free to opt out or ask them to pay into another fund (if they can accommodate that).


Thanks

Zeeshan

[northernladuk]

Currently working via umbrella with Paystream and they have auto-enrolled me into the NEST pension scheme.
I'm inclined to opt out and instead continue making employer SIPP contribution to II given their better fees and flexibility.

Not sure if I'm missing something, but as all pension contributions are ultimately borne by me from my day rate I don't see any advantage of keeping NEST too?

They've met their legal obligation. They are your employer so you need to go speak to you HR and see what they are willing to do for you. I believe Paystream let you pay in to your own but how do they know you've got one unless you speak to them?

[Acme Thunderer]

I'm with Paystream and they auto-enrolled me for the 2nd time (they have to do it every 3 years). It isn't worth going through NEST as I have my own SIPP that Paystream make payments directly into. This is far more tax efficient. I just contacted NEST via there website and un-enrolled myself. Paystream then refunded the contributions they had made.

You need to contact NEST and cancel your enrolment. This needs to be done within 4 weeks of your enrolment or else your NEST contributions don't get refunded by Paystream - you will have to take it up with NEST.