Miss S Vallance

62 Gestridge Road
Kingsteignton
NEWTON ABBOT
Devon
TQ12 3HH

25 May 2022

Our reference: MEM000773239/APS-B001/537848360

Your Nest ID: MEM000773239

Dear Susan

You're nearing your Nest retirement date

We're writing to you because your Nest retirement date is near and you need to start thinking
about what you're going to do with your retirement pot. Our records show you're due to take
your money out of Nest on 10 December 2022.

To find out more about your options, read our booklet 'Taking your money out of Nest' at
www.nestpensions.org.uk/taking-your-money-out-of-NEST. It gives you detailed information
about:

· when and how you can take your money out of Nest
· transferring your pot to another scheme
· how to use the government's guidance service Pension Wise, part of MoneyHelper.

If you're considering retirement it's a good idea to see how the choices you make can affect
your retirement income estimate. You can find out more about how each of these options
applies to you by using our online retirement tool.

You can also use our online retirement tool to tell us what you want to do with your
retirement pot and take your money out of Nest. You've still got some time to think about
your decision, but if you know what you want to do you can do that now.

NEST, Nene Hall, Lynch Wood Business Park, Peterborough, PE2 6FY t: 0300 020 0090
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www.nestpensions.org.uk
To use the retirement tool just visit your online account on the nestpensions.org.uk website
and click on Take your money out. By using our online tool you can avoid any postal delays and
will help us process your request more efficiently.

The value of your Nest retirement pot is £20,237.19 as at 25 May 2022. This value will change
depending on when you take your retirement pot.

Your personal retirement options

These are the options you can choose between:

Put off taking your money out of Nest

You could choose to keep adding to your retirement pot instead of taking your money out. If
you're working your employer may also be putting money in and you could get tax relief on
your savings up to age 75, too. Even if you don't add to your retirement pot, putting off buying
a retirement income could mean you get a higher rate because you're older.

If you don't want to take your money out of Nest now, you just have to change your Nest
retirement date. Log into your account on the nestpensions.org.uk website. Then click on Edit
your profile. You can change your retirement date from there. Please note the latest date for
setting up your Nest retirement date can be your 105th birthday.

Take cash from your retirement pot

You may be able to take some or all of your pot as cash. If you do, one quarter of it will be
tax-free and the rest will be taxed. If you decide to take some of your pot as cash, you'll be
able to continue contributing to your Nest account and leave your remaining pot invested. If
you decide to take all your pot as cash you won't be able to use it to buy a retirement income
for life, also known as an annuity.

Your cash options:

The Nest Guided Retirement Fund – Access your cash regularly

You can choose the Nest Guided Retirement Fund if you meet the qualifying criteria. This is
designed to provide you with an amount of money you can withdraw regularly from your Nest
retirement pot. We'll set the annual amount available to you with the aim of reducing the risk
of you running out of money before age 85. You can then choose to buy an annuity at age 85
with money set aside within the fund, to provide you with an income for the remainder of
your retirement. If you choose the Nest Guided Retirement Fund and subsequently change
your mind, you will be able to choose a different retirement option or fund at any time. When
reviewing your retirement options and investments you should always consider obtaining
independent financial advice. Please login to your online account on the nestpensions.org.uk
website and click on Take your money out for more information.

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If you make withdrawals from your retirement pot while in the Nest Guided
Retirement Fund, you will have 'flexibly accessed' your pension, and will become
subject to the money purchase annual allowance of £4,000. This is a limit on the
amount that can be paid into money purchase, and some hybrid, pension schemes
each tax year without incurring an annual allowance tax charge. The tax is charged at
your marginal tax rate on the amount by which the limit is exceeded. If you're unsure
what type of pension schemes you're a member of outside of Nest, you should ask the
people who administer the schemes you've joined.

Once you've received your cash lump sum from Nest, you'll need to tell any other
pension schemes you are paying into now, or join in the future, that you've 'flexibly
accessed' your pension savings. This is so they know you're subject to the money
purchase annual allowance.

In most cases, 25 per cent of each amount withdrawn is not liable for tax but the rest
will be taxed as income. If you're considering this option you should think about your
personal circumstances and the impact taking taxable lump sums will have on the tax
you pay. This includes the possibility you might have to pay a higher rate of tax than
normal. As with every investment, there's the risk that the value of your pension pot
can go down as well as up. It is also important to consider the impact of charges that
will continue to be taken from the money left in your retirement pot.

If you have any debt or if you're entitled to means-tested benefits, taking your
pension as cash may have an impact on these. For more information about this
contact the Pension Wise service from MoneyHelper, the Citizens Advice Bureau or
MoneyHelper directly.

Important information
The Trustee cannot provide you with any advice in respect of your retirement and
investment options and nor does the Trustee provide any views, opinions or assurances
that the Nest Guided Retirement Fund is appropriate for your own personal
circumstances. You should keep your decisions regarding retirement options and
investments under regular review and always consider obtaining independent financial
advice before taking any action in respect of your retirement pot.

Take some of your pot as cash

You can take some of your retirement pot as a cash lump sum. A quarter of this will usually be
tax free. The rest will be taxed as part of your income for the year when you get the money.
If you choose this option, you need to have a minimum balance of £3,000.00 in your
retirement pot.

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You have to take out a minimum of £200 and leave a remaining balance of £2,000.00 or more.
Your Nest account will remain open and you can continue to contribute to your retirement
pot.

You can only take some of your pot as cash once in a calendar month.

If you take some of your retirement pot as cash, you'll be 'flexibly accessing' your pension and
you'll become subject to the money purchase annual allowance of £4,000. This is a limit on
the amount that can be paid into money purchase, and some hybrid, pension schemes each
tax year without incurring an annual allowance tax charge. The tax is charged at your
marginal tax rate on the amount by which the limit is exceeded. If you're unsure what type of
pension schemes you're a member of outside of Nest, you should ask the people who
administer the schemes you've joined.

Once you've received your cash lump sum from Nest, you'll need to tell any other pension
schemes you are paying into now, or join in the future, that you've 'flexibly accessed' your
pension savings. This is so they know you're subject to the money purchase annual allowance.

If you choose to take some of your Nest retirement pot as cash, it won't be included in the
Nest savings available to you to buy a retirement income in the future. On average, people
aged 55 today will live to their mid-to-late 80s. You should consider how much to take out of
your pot each year and how long your money needs to last. It's important not to underestimate
your own life expectancy.

In most cases, 25 per cent of each amount withdrawn is not liable for tax but the rest will be
taxed as income. If you're considering this option you should think about your personal
circumstances and the impact taking a taxable lump sum will have on the tax you pay. This
includes the possibility you might have to pay a higher rate of tax than normal. As with every
investment, there's the risk that the value of your pension pot can go down as well as up. It is
important to consider the impact of charges that will continue to be taken from the money
left in your retirement pot. Also, if you plan to take the cash to invest somewhere else, check
what the charges are before you take your Nest pot as cash.

If you have any debt or if you're entitled to means-tested benefits, taking your pension as cash
may have an impact on these. For more information about this contact the Pension Wise
service from MoneyHelper, the Citizens Advice Bureau or MoneyHelper directly.

Take
as all your pot as cash
You can take all of your retirement pot as cash. As it is over £10,000 you do this by 'flexibly
accessing' your pension. Some pension providers or the media may refer to this as
uncrystallised funds pension lump sum (UFPLS).

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If you take all of your retirement pot as cash on 25 May 2022 you could get:

Total value of your Nest retirement pot £20,237.19

Tax-free amount £5,059.30
Taxable amount £15,177.89
Less income tax £5,104.71
Cash amount you'd get £15,132.48

This may not be the actual amount of tax you have to pay, depending on your personal
circumstances. We'll give you more information about this when we confirm the payment
amount to you.

If you take all of your retirement pot as cash by 'flexibly accessing' your pension, you'll
become subject to the money purchase annual allowance of £4,000. This is a limit on the
amount that can be paid into money purchase, and some hybrid, pension schemes each tax
year without incurring an annual allowance tax charge. The tax is charged at your marginal
tax rate on the amount by which the limit is exceeded. If you're unsure what type of pension
schemes you're a member of outside of Nest, you should ask the people who administer the
schemes you've joined.

Once you've received your cash lump sum from Nest, you'll need to tell any other pension
schemes you are paying into now, or join in the future, that you've 'flexibly accessed' your
pension savings. This is so they know you're subject to the money purchase annual allowance.

If you choose to take all of your Nest retirement pot as cash, you should consider the risks
associated with this.

If you choose to take all of your Nest retirement pot as cash, you won't be able to buy a
retirement income with your Nest savings. On average, people aged 55 today will live to their
mid-to-late 80s. If you're considering this option you should think about how to use the money
to provide an income throughout your retirement. It's important not to underestimate your
own life expectancy.

There could be tax implications if you take all of your pension pot as cash in one go. This will
depend on your personal circumstances. In most cases there will be a tax free amount
available, normally 25 per cent of your retirement pot. If you're considering this option you
should think about your personal circumstances and the impact taking a taxable lump sum will
have on the tax you pay. This includes the possibility you might have to pay a higher rate of
tax than normal. Also, if you plan to take the cash to invest somewhere else, check what the
charges are before you take your Nest pot as cash.

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If you have any debt or if you're entitled to means-tested benefits, taking your pension as cash
may have an impact on these. For more information about this contact the Pension Wise
service from MoneyHelper, the Citizens Advice Bureau or MoneyHelper directly.

Buy a retirement income

You can use your retirement pot to buy a regular income that'll last for the rest of your life.
This is often called an annuity.

Your Nest retirement pot is currently worth £20,237.19. You can use all of this to buy a
retirement income if you want to. You could also choose to take up to £5,059.30 as a tax-free
lump sum and buy a retirement income with the rest. This amount might change if the value
of your Nest retirement pot is more than the remaining standard lifetime allowance you have
left to use.

How much income you get depends on your age, the size of your retirement pot and a few
other factors. For example, you could get a higher retirement income if you have health
problems. People who have a medical condition, are in poor health, smoke or are overweight,
may be able to get a significantly higher income through taking an 'enhanced annuity'. You
should consider asking the retirement income provider you choose to include detailed health
and lifestyle questions for you to answer if this applies to you. It's important to answer these
questions honestly.

The income you receive from your retirement pot is subject to tax. The amount of tax you'll
pay will depend on the level of pension and income you receive from other sources.

Nest doesn't provide retirement income products but there are lots of companies that do.
Many of them are insurance companies, other pension savings plans and some companies that
only offer retirement income products.

It's worth getting quotes from several different providers before choosing which one to go
with. Different retirement income companies offer slightly different rates on your retirement
pot. In the long term this can make a big difference to how much you get.

You could approach providers directly or through an intermediary like an independent

financial adviser (IFA). You'll find much more information about getting a retirement income
in our booklet 'Taking your money out of Nest'.

Transfer your retirement pot to another pension scheme

You have the option to transfer your Nest retirement pot into another pension scheme.

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Please refer to our booklet 'Taking your money out of Nest' for more information about
transferring your retirement pot.

If you're transferring your Nest pot to another scheme that lets you access your money
in a way that Nest does not currently offer, you should be aware of the following:

· the value of your Nest retirement pot isn't guaranteed, it can go up or down
· if HMRC has granted you protection from the lifetime allowance, you may lose it
when you transfer your Nest retirement pot to another scheme. You'll need to
check whether this applies to you before proceeding with the transfer. Visit the
HMRC website for more information on the lifetime allowance
· charges can reduce the money you receive so it's important to consider the impact of
these. You should check whether there are any charges or other reductions to your
retirement pot once it's invested with the other scheme
· you should think about your circumstances and the effect taking a lump sum will have on
the tax you pay. You may have to pay a higher rate of tax depending on the amount you
withdraw
· if you have any debt or could be entitled to means-tested benefits, taking your pension as
cash may have an impact. For more information about this contact the Pension Wise
service from MoneyHelper, the Citizens Advice Bureau or MoneyHelper directly.
· different schemes and providers offer different types of retirement income so you should
check what kind is being offered. Some might have products where part of your income is
guaranteed but charges and conditions will apply
· you should consider shopping around if you're considering a retirement income product.

The transfer value of your Nest retirement pot is ££20,237.19, as at 25 May 2022. Your Nest
retirement pot will remain invested until your transfer is complete and this value may go up
or down depending on when the transfer is paid. The transfer value shown above may not
include any contributions, transfer-in payments or cash withdrawals which are still being
processed.

We've included the important information about Nest in the section at the end of this pack
titled 'Information about transferring from Nest'. You should give this to your chosen pension
scheme to help confirm if you're eligible to transfer your retirement pot to them.

If you transfer your Nest retirement pot to your chosen pension scheme you'll no longer have
any savings in Nest. Once the transfer has been made you'll have no financial claim or
entitlement in respect of Nest or Nest Corporation.

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What happens next?
It's entirely up to you. Whatever your choice we'll try to make it as easy as possible for you.

At Nest we're committed to making this process as simple and quick as possible for you. Once
we receive all the information we need, we will usually complete the request within 15
working days. Some requests may take longer than this depending on the circumstances.

If you don't make your retirement decision before your planned retirement date which is 10
December 2022 we'll assume that you don't want to take your money out and we'll move your
retirement pot to the Nest Guided Retirement Fund.

You can use our online retirement tool to tell us what you want to do with your retirement pot
by visiting your online account on the nestpensions.org.uk website and click on Take your
money out. By using our online tool you can avoid any postal delays and will help us process
your request more efficiently.

The date of birth we have for you is 10 December 1956. Your date of birth has a big impact on
your retirement income. If this date is incorrect you can change it by logging into your
account on the nestpensions.org.uk website. Then click on Edit your profile or you can call us
on 0300 020 0090.

For processing your retirement option we'll send your details over a secure link to Experian, a
third party Fraud Prevention Agency, to verify your identity.

Experian will check your details in the databases they have access to and they'll keep a record
of this check in order to deal with any enquiries and meet their legal and regulatory
requirements. This check won't carry out any form of credit checking so it won't affect your
credit rating or any future credit searches.

You can read more about how we process your data in our privacy policy. For more details on
how Experian handles your data, please visit www.experian.co.uk.

Beware of pension scams

Like anything valuable, your pension can become the target for illegal activities, scams or
inappropriate investments.

Scams can take many forms and often appear to be a legitimate investment opportunity. The
regulators recommend consumers can take the following simple steps to protect themselves
from pension scams:

· Reject unexpected pension offers, whether they're made online, on social media or over
the phone. If you get a cold call about your pension, the safest thing to do is to hang up -

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 it's illegal and probably a scam. Report pension cold calls to the Information
Commissioner's Office (ICO)
· Check who you're dealing with before changing your pension arrangements to make sure
that anyone offering you advice or other financial services is FCA authorised – check the
FCA Register https://www.fca.org.uk/scamsmart/how-avoid-pension-scams or call the
FCA helpline on 0800 111 6768
· Don't be rushed or pressured into making any decision about your pension
· Consider getting impartial information and/or advice
· Visit the FCA scam smart website at https://www.fca.org.uk/scamsmart/how-avoid-
pension-scams
· If you are a victim of a scam you should report it online www.actionfraud.police.uk to
Action Fraud or call 0300 123 2040

The Financial Conduct Authority (FCA) has provided useful information on how to avoid
pension scams which you'll find at https://www.fca.org.uk/scamsmart/how-avoid-pension-
scams.

If you're considering transferring your Nest retirement pot you should consider your options
and the impact your choices may have on your future retirement income. It's sensible to get
independent financial advice on any offer to transfer your retirement pot or check with
MoneyHelper that it's legitimate.

Where to go for more information

Getting guidance
The government has set up a service that offers free, impartial guidance to help you with your
financial decisions.

You should use this service to:

1. understand the right things to think about when considering your choices, your personal
and financial circumstances, and leaving money after you die
2. understand the different options for accessing your pension pot(s), and the potential
advantages and disadvantages of each
3. understand the tax implications of each choice

To find out how to use the free service or book a face-to-face visit or telephone appointment
by calling 0800 138 3944 or visit their website
https://www.moneyhelper.org.uk/pensionwise.

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You can get advice from an independent financial adviser (IFA) before making a decision about
what to do with your Nest retirement pot. Details of local IFAs can be found at
www.unbiased.co.uk. Nest won't be responsible for any fees you may be charged for this
advice.

We provide online support and answers to frequently asked questions at

https://www.nestpensions.org.uk/schemeweb/NestWeb/public/members/contents/f
aqs.html. If you're having difficulty using the website or if you need more information
on taking your money out of Nest you can call our contact centre on 0300 020 0090.

Kind regards

Richard Hardy
Member Services Manager

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INFORMATION ABOUT TRANSFERRING FROM NEST
Nest can only transfer to a HMRC-registered pension scheme in the UK or a qualifying
recognised overseas pension scheme (QROPS).

If the receiving scheme is an occupational pension scheme, you'll need to confirm that the
scheme meets the definition of an occupational scheme in Section 1(1) of the Pension
Schemes Act 1993.

If the receiving scheme is a personal pension, you'll need to confirm that the scheme meets
the definition of a personal pension scheme in Section 1(1) of the Pension Schemes Act
1993.

If the receiving scheme requires an equalisation indemnity or warranty, please be advised

Nest does not provide or sign these. Our scheme rules have not provided for any difference
in treatment based on gender. Nest is a defined contribution scheme and so equalisation of
pension benefits does not apply.

It's not our policy to complete other company's transfer forms.

Nest supports the use of a service called Origo Options.

All the required information about Nest is provided in our standard format below:

· Nest was established through the Pensions Act 2008 and is a registered pension scheme
under Chapter 2 of Part 4 of the Finance Act 2004
· Nest is a trust-based defined contribution occupational pension scheme
· Nest's Pension Scheme Tax Reference is 00765918RD
· Nest is not and has never been a contracted-out scheme

We authorise you to contact HMRC to verify any of the details confirmed by Nest.

If you require the member to complete any of your forms or supply any supporting
documentation, you'll need to contact the member directly to explain your requirements to
them.

Signed on behalf of Nest:

Richard Hardy
Member Services Manager

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