ford motor company

darryl_fletcher

ive just been laid off from ford motor company dagenham , ive been working there for 18 months and im just wondering if i can claim my pension back and would it be cash or would they do something else as im not aware of what happens , im only 23 so im confused in how it all works , i pay £43.06 a week into my pension and ive been there since april2007 but ive only been paying pension since october2007 , hope someone can help me understand how this all works , cheers darryl

Day_Trader

You won't be able to claim your pension back as cash. Depending on the scheme it will be either preserved or you can transfer it to a new scheme.

Andy_L

If it is a final salary scheme you may be able to get a refund of your contributions, less tax, less the cost of reinstating you in the state 2nd pension. It depends on the scheme rules, some allow this up to 2 years some less.

If it is a money purchase pension then no, they money is in there until you retire, although it can be moved to a different scheme