We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Cancelling an old pension
Comments
-
IanH wrote:It depends on what the state of the pension is at the moment. When you left the company, did you transfer it to the new scheme, or did you leave it in the old scheme, and let it become deffered? If it is deffered, then you should write to the trustees of the scheme (get contact info from the old HR if needed) and ask them if you can "trivially commute" the pension. Basically, it is legal for the scheme to allow you to take your contributions back out, if you were paying in for a short period of time. Whether the trustees decide to allow it depends on their discretion and on the wording of the Trust Deeds and Rules. If its possible, you most likely wont get company conts, just a refund of yours...they should let you know how much pretty quickly.
well its up to you....
You can only trivially commute at the age the pension is payable i.e. earliest at age 50.Warning ..... I'm a peri-menopausal axe-wielding maniac
0 -
they can give you your contributions back if they choose to
http://www.derbyshire.gov.uk/working_for_us/pensions/leaving-the-scheme-early/If you leave the scheme within three months, and you haven’t transferred benefits from a previous scheme, you can ask to have your contributions refunded
Thats the first link I got from google....I havent access to my company system from home, to get the exact wording of the legislation, but it is possible0 -
That relates to a final salary occupational scheme. Its not trivial commutation.
The OP has, what appears to be a personal pension or possible a COMP, CIMP or GPP. Any of those would not be able to get contributions back on.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi peeps,
Sorry kinda put this one on the back boiler. To cut a long story short rang up the provider and I am NOT able to cash in the pension early. They will however transfer it into my current pension, so its not all bad !This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
They will however transfer it into my current pension, so its not all bad !
That assumes that the new pension is better than the old one.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards