FAQs - My Account

What information is needed to set up an account?

To create an account with mynestegg, the key bits of information you need to hand are:
- Email address
- Home address
- Mobile number
- National Insurance Number
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We will also ask you for some basic details such as name and date of birth.

How long does it take to set up an account?

You can get a projection from our pension or ISA calculators in 30 seconds. The remaining sign up journey will take you roughly 3 minutes from start to finish.

At what point during the process do I create an account?

The point at which you create an account depends on which sign up journey you go through. If you are looking to transfer existing pension or ISAs, we will ask you to sign up once you have told us the details of your existing providers. If you are looking to open a new pension or ISA, we will ask you to sign up once you have completed the initial calculator.

How does mynestegg ensure the privacy and security of my personal information?

We value your privacy. mynestegg uses strong security measures to keep your personal information confidential. We encrypt and store it securely.

Where can I find my National Insurance Number?

If you can't find your National Insurance number, please check the following things:
- Your payslip
- Your P60 (you should have received one of these from your employer at the end of each tax year)
- Your tax returns (these are documents which you might have submitted to HMRC covering your income, expenses and other tax information. Not everyone completes tax returns)

Can I make a joint account?

Unfortunately we don't accept joint pension or ISA accounts at this time. This is because each mynestegg account needs to be registered to an individuals name through their National Insurance number.

What is Onfido?

Onfido is our third party digital identity verification service. We may ask you to verify using Onfido during the account creation process which uses both Biometrics and Document Upload.

What steps does mynestegg take for account verification and how can I track the progress of this?

As part of the account verification process we will complete an Anti Money Laundering check based on the information that you provide us with. If additional information is needed to verify your ID we will reach out to you and request this. You can track the status of your account on the home screen of your web portal and mobile app.

What does the bank verification process involve and how can I track the progress of this?

As part of the account verification process we will complete a bank verification check based on the information that you provide us with. This ensures that the bank details you use match the personal details we have for you. If additional information is needed to verify your bank account we will reach out to you and request this. You can track the status of your account on the home screen of your web portal and mobile app.

What happens if my bank details are not verified?

Unfortunately we do not accept clients who haven't passed our automated bank checks. Please email help@mynestegg.com if you want further information.

Why does mynestegg require personal information, and what happens if I don't provide it?

It is a regulatory requirement to know our clients and capture a minimum amount of personal information. Without this, we cannot let you create a mynestegg account, transfer money from existing providers or setup new contributions.

How can I modify my mynestegg risk profile and what are the available options?

You can easily change the risk profile of your mynestegg investment by clicking the 'account' icon in your web portal or mobile app and then selecting 'change investment funds'. You can choose from one of our three options which relate to high, medium and low risk investments. With a pension, you can also choose the default investment option.
Higher risk investments are typically better suited to investors with a longer investment timeframe.

How can I modify my mynestegg risk profile, and what are the recommended risk levels for short-term investors?

You can easily change the risk profile of your mynestegg investment by clicking the 'account' icon in your web portal or mobile app and then selecting 'change investment funds'. You can choose from one of our three options which relate to high, medium and low risk investments. With a pension, you can also choose the default investment option.
Lower risk investments are typically better suited to investors with a shorter investment timeframe.

Why should I invest for at least 3 years with mynestegg, and how can I receive updates on investment performance?

We would always encourage our clients to invest for at least 3 years to allow for fluctuations in stock market performance. The longer you can leave your money for, the better chance you have of receiving a positive return on your investment. If you would like to receive regular content from mynestegg please opt into marketing preferences and we will keep you updated as to how our investments are performing.

What are the characteristics of the Cautious investment profile with mynestegg, and what return has it delivered over the past 5 years?

The Cautious investment is suited to people wanting to take lower risk. 77% of your money will be in safe investments and 23% will be in risky investments. This profile will be less volatile than our other options and has provided 11.50% return over the past 5 years.
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Figures as at 1st November 2024.

What are the characteristics of the Balanced investment profile with mynestegg, and what return has it delivered over the past 5 years?

The Balanced investment is suited to people wanting to take some risk. 34% of your money will be in safe investments and 66% will be in risky investments. This profile will be more volatile than our Cautious option and less volatile than our Adventurous option and has provided 38.10% return over the past 5 years.
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Figures as at 1st November 2024.

What are the characteristics of the Adventurous investment profile with mynestegg, and what return has it delivered over the past 5 years?

The Adventurous investment is suited to people wanting to take lots of risk. 100% of your money will be in risky investments. This profile will be more volatile than our other options and has provided 79.00% return over the past 5 years.
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Figures as at 1st November 2024.

What are the characteristics of the Default investment profile with mynestegg, and what return has it delivered over the past 5 years?

The Default investment suits everyone taking out a pension, with risk adjusted by the time between your current age and desired retirement age. As you approach retirement, the risk profile will automatically de-risk to reduce investment exposure.
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The Default investment has 9 profiles with different performances. Created on 17/10/2023, it doesn't yet have 5 years of performance data. For more information, contact us at help@mynestegg.com for relevant details and documentation.

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How long does it take for a one off direct debit to be processed?

- Contribution to be taken from your bank 4 working days after contribution setup.
- Contribution to appear in your mynestegg account 2 working days after it has been taken from bank account.
- Fund orders to be sent immediately once the contribution is received in mynestegg account.

How long does it take for a monthly direct debit to be processed?

- Contribution to be taken on chosen monthly date (1/7/14/21/28) BUT there is a 4 working day period to setup the bank mandate e.g. if you try to setup a contribution for the 15th, on the 13th of the month, the mandate won't be created in time so the contribution will be taken the next month.
- Contribution to appear in your mynestegg account 2 working days after it has been taken from bank account.
- Fund orders to be sent immediately once the contribution is received in mynestegg account.
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If I already have an active bank mandate, how long does it take for a one off or monthly contribution to be processed?

- Contribution collected from your bank 3 working days after the contribution was created.
- Contribution to appear in your mynestegg account 2 working days after it has been taken from bank account.
- Fund orders to be sent immediately once the contribution is received in mynestegg account.

How can I update my bank details in mynestegg?

You can update your bank details by selecting 'account' followed by 'my bank details' in your mynestegg web portal or mobile app. When you update your bank details we will run a check to make sure that the bank matches your personal information for security.

How can I change the contribution date for my pension or ISA account on the mynestegg platform?

You can change the date of your contributions by selecting 'manage contributions' on the pension or ISA dashboard within your account. You will then be able to click the pencil icon next to your contribution and choose a new date that suits you.

How can I update or change my contribution amount for my pension or ISA account on the mynestegg platform?

You can change your contribution amount by selecting 'manage contributions' on the pension or ISA dashboard within your account. You will then be able to click the pencil icon next to your contribution and enter a new contribution amount.

How can I monitor my contributions using the mynestegg portal or app, and what should I do if I discover a missing contribution?

You can check the status of any contributions you make into your account through the mynestegg web portal and app. If your contribution isn't appearing please speak with one of our team.
Please read the FAQ questions on one off and monthly contributions for more information on timings.

How flexible are contributions with mynestegg?

Don't worry at all if you can't commit to an ongoing monthly contribution. At mynestegg you can make one off contributions at times that suit you, or you can setup a monthly contribution which can be paused, cancelled or amended at any time through your web portal and/or mobile app.

Can I use a foreign bank account to withdraw or contribute money?

Unfortunately we only accept contributions into accounts with mynestegg from bank accounts registered in the UK.

How can I subscribe to marketing preferences with mynestegg?

If you would like to subscribe to our marketing preferences you can do so by selecting 'account' in your mynestegg web portal or app followed by 'marketing preferences'. You will then have the option of subscribing and also the method in which you want to receive communications from us.

How can I unsubscribe from marketing communications with mynestegg?

If you would like to unsubscribe to our marketing preferences you can do so by selecting 'account' in your mynestegg web portal or app followed by 'marketing preferences'. You will then have the option of unsubscribing and also the method in which you no longer want to receive communications by.

How can I object to mynestegg's marketing efforts, and where can I do this within the pension or ISA calculators or mynestegg account?

You have a legal right to object to us using your information for direct marketing purposes. This is why we give you the option of unsubscribing from our marketing preferences during the initial pension and/or ISA calculators and also at any point through the account section of your mynestegg web portal and/or app.

If I subscribe to mynestegg's marketing preferences, how might they contact me?

If you subscribe to our marketing preferences we may contact you via email or text message.

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What is a beneficiary?

A beneficiary is someone who you can legally designate to receive the benefits from your financial products. When you have a pension with mynestegg, we will ask you to choose your beneficiaries so that your account can be passed to those individuals should you pass away.

What information does mynestegg require regarding the beneficiary of your pension in case of your passing?

We need to know who you would like your pension to be passed to if you were to pass away.

Who can you designate as a beneficiary for your pension with mynestegg, and what options are available for specifying their relationship to you?

A beneficiary can be anyone you would like it to be. We will give you the option of various relationships including daughter, son, dependant, wife, husband etc but you can choose what relationship the individual is to you.

How can I add a beneficiary to my mynestegg account, and what information do I need to provide during the process?

To name a beneficiary on your account you need to click 'account' followed by 'my beneficiaries'. We will then ask you to tell us the first name, last name and relationship of the individual you have chosen. If you add more than one beneficiary, we will ask you what percentage of your account you would like to assign to each.

How does mynestegg handle document storage, and how can I securely access my documents through the portal or app?

We store all your relevant documents in your mynestegg document store. We don't send documents out by post and instead they are securely stored within your mynestegg web portal and app. You can search your document store by document name and document date.

How can I download documents from mynestegg's portal or app?

You can download your documents by selecting the download icon next to the name of the individual document that you want to view.

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How do I add an authorised person to speak and act on my behalf?

To add an authorised person to act and speak on your behalf you can submit a request to help@mynestegg.com. This can be a family member, friend or Power of Attorney Your request must be sent from the email address registered to your account and contain the full name and date of birth of the person you wish to authorise.

You can add up to a maximum of two authorised users.

How do I remove an authorised person?

To remove an authorised person from your account, the request should be made in writing to help@mynestegg.com. Our Client Care team will action appropriately and confirm once the authorised person has been removed.

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How do I submit a Subject Access Request?

To submit a request under the General Data Protection Regulation (2020) you should put your request in writing to dataprotection@mynestegg.com.

Our Client Care Team can also submit requests on your behalf at your request.

Once your request has been received, you should receive an acknowledgment to the email address registered to your account with a Request ID. This email will contain the necessary information related to your request and your rights.

To speak to us about your request you should reply to this email to ensure all communications are kept together and prevent unnecessary delays.

How do I close my account?

To close your account, email help@mynestegg.com. First, withdraw or transfer your funds to a different provider. We retain your data for 7 years after closure to comply with our regulatory obligations.