Why am I wasting my time watching VFM stuff when I could be watching Nest’s Paul Todd about turning Nest into a pension.
I don’t know this guy but I know people who do and so I’m going to go out with him and have a lunch.
He’s a bit nervous to start with, but then he gets going and he’s really interesting because he’s talking about what matter to people. Have a look at the list of things being talked about down the bottom of this blog
And there are these two guys interviewing him who I know nothing about but are getting 20.000 people watching the show.
Full of good stuff, this is Paul mesmerising Damien Jordan of @DamienTalksMoney and his best friend Timeyin Akerele, or ‘T’, who also worked in finance, but like most people, doesn’t have a clue how to build long term wealth… yet.
This conversation, which is intense, has had 20,000 viewers, a much higher audience than other podcasts get. To some extent this is to do with the people asking the questions (I like them) , partly to do with it being about 13m of us are in and partly is about the sensible responses to questions by Paul Todd.
Much of what is talked about is quite deep, somehow the conversation is interesting, “1% of assets in Bitcoin” – “not quite there yet” says Todd. Timber yes, Bitcoin – under investigation. People who want 100% investment in equity (me) aren’t a Nest fan – of excluding this (but not yet).
I can see my lunch will be fun! I would also like to know when I can convert my Nest Pension into a Nest Pension and not an insured annuity – but not yet!
Do not expect to be any of this stuff – yet!
How to navigate a 90 minute video about NEST
Intro 00:45 –
Why was Nest set up? 03:56 –
Do Nest think 8% is enough? 14:30 –
Default funds 24:28 –
Do Nest’s default funds reduce expected return? 34:05–
Should you get out of the default? 38:59 –
Why did Nest change their Shariah fund? 47:35
Will Nest bring in a 100% equities fund? 01:00:39 –
Fee structure 01:10:15 –
Where do your fees go? 01:13:42 –
What does Nest think about the government’s plans? 01:20:28 –
Following the Canadian and Australian model 01:27:19 –
Why don’t Nest allow partial transfers?01:32:35 –
Why people like me can’t drive the process
At one point (55 minutes) when Todd talks about moving people to think about investment rather than stick cash in building society.
This is where many of the 13 m savers Nest has – are. This is a huge lesson for people who think that Nest thinks it is changing things. Nest is a profit for member organisation and people like me- who want to take large risk to maximise my pension are not typical of those 13m savers, we need to go along together.
But I think we should learn from the 99% of savers who use the defined benefit. We should work out an outcome that suits 99% of the people. I don’t hear 1% of people wanting to invest their entitlement of the state pension. I think 99% of people would be very happy to have a pension that was well above the annuity offered by insurers.
I believe that that outcome is possible from Nest and (sorry Paul) Mr Todd and I are going to have a rigorous discussion over our fish lunch ( get there early – you can’t book Sweetings).
Thanks @moneymakingpodcast for this. I’ve subscribed
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