A couple of weeks ago I interviewed Spike Kaiser who had some really interesting stuff to say

about the Nest pension scheme.

But since then a few of you have asked about this in the Facebook group, that's

MeaningfulMoney.tv slash community, by the way.

And so I thought I'd try and put together a quick five minute guide

to the default workplace pension that many of you will have. Okay, so when auto enrollment came in a few years ago,

nest was identified as the kind of government sanctioned default option

that employers could choose as a scheme to provide to their employees. Now as an employee you

don't get too much say in that but you should still take an interest and see if you can make the best of the plan that you're in.

So let's put five minutes on the clock here.

Say a quick thank you to my friends at 7 Investment Management for

continuing to sponsor the show and let's crack on. Okay, remember that a pension is just a savings

plan. It's got some particularly good perks, particularly as if you are in the nest scheme, then

you're working for somebody else and that employer is paying into it for you. That focus is called

free money. Now you can't access that money inside the nest scheme

until you're 55 and after 2028 it'll go to age 57 at the earliest that you can

get hold of it. It's going to become state pension age minus 10 years,

so it's fairly easy some for you to work out.

But this is a long-term savings plan anyway,

so that doesn't really matter.

So far, so simple. Now, every month you will pay into the scheme and so will your

employer. Usually the figures are 5% of your pay from you and 3% from your employer. 5% or 3% of what, that depends on what your employer has set up,

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