Most people do not choose between these; their employer does. But if you are consolidating old pots or weighing a transfer, here is how the charges and reviews actually stack up.
Charges verified July 2026. Pension transfers are a big decision; this is information, not advice.
The charge gap between them is small next to whether you're saving enough at all.
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Lloyds, Halifax and Bank of Scotland customers who want their pension inside their banking app.
Employees auto-enrolled through work and employers needing a no-fuss compliant scheme.
| Charge | Scottish Widows | Nest |
|---|---|---|
| Annual charge | 0.25% to 0.50% on the Retirement Account, depending on pot size and investments | 0.3% annual management charge |
| Workplace scheme charge | Set by your employer's scheme, capped at 0.75% for auto-enrolment defaults | Same 0.3% for all members |
| Fund charges | Vary by fund; older policies can carry total charges up to 1.5% | Included |
| Contribution charge | None on modern products | 1.8% on every contribution paid in |
| Transfers in | Free | Free |
| Drawdown | Included on the Retirement Account | Limited options at retirement |
Recent reviews praise professional, knowledgeable phone staff, and the rating has improved markedly in recent years.
Longer-standing complaints centre on transfer speed and the admin on older policies.
Read Scottish Widows reviews on TrustpilotMembers and employers value the simplicity, the low ongoing charge and the fact it accepts every employer.
The contribution charge, a dated website and a small fund range are the consistent criticisms in reviews and expert write-ups.
Read Nest reviews on TrustpilotScottish Widows runs pensions for millions of workplace savers and its modern Retirement Account starts at a competitive 0.25%. Integration with Lloyds Banking Group means Lloyds and Halifax customers can watch their pension next to their current account, which does wonders for engagement.
The name spans a century of products, though. If your Scottish Widows pension dates from before roughly 2010, it may be on much older terms, and comparing its actual charge against a modern alternative is worth an evening.
Nest was set up by the government for auto-enrolment and now looks after more UK pension savers than any other scheme. The 0.3% annual charge is excellent, and the default fund has performed respectably.
The 1.8% contribution charge is the bit people miss: every £100 you pay in, £1.80 goes in charges before it is invested. It is not a reason to opt out, and for most members Nest remains decent value, but higher earners consolidating large sums elsewhere first may save money.
A small charge difference is worth optimising. Knowing whether you are saving enough in the first place is worth far more. Delphina models your pensions, ISAs and investments and tells you where you actually stand.
Free to check. No card required. Takes about two minutes.