In Pension for 10 Months. Can I claim a refund?

Max200g

Hi I joined the company pension for whom I was working for in January 2003 and left the companies employment in October 2003. Someone at work today told me that, as I was paying in to this pension for less than two years I can claim this money back. Can someone tell me if this is true? Also this pension has been incresaing by about £200 to £300 pound a year so will I be entitled to these increases as well? Or just the money that I paid in? The company I was employed was a private company.

Thanks for any advice you can give me.

Max.

Lavendyr

I don't think that's true I'm afraid. Pensions generally cannot be accessed until you reach 50 (before 2010) or 55 (thereafter). You may be able to transfer it to another pension, though.

McKneff

2 years used to be the case (a long time ago, i think it is 6 months now) but not now. And in any case it has to be the immediate previous six months) i stand to be correcte on this last bit.
Its in their until you decide to retire, think the earliest is 50 at the moment but going up shortly to 55 when you can take 25% as a lump sum. you will just have to leave it there or transfer it to your present pension (under advice) if you have one, sorry.

dunstonh

Someone at work today told me that, as I was paying in to this pension for less than two years I can claim this money back.

Depends on the type of pension and scheme rules.

Also this pension has been incresaing by about £200 to £300 pound a year so will I be entitled to these increases as well?

If you void a policy you would expect to lose the growth, refund the employer contributions, lose tax relief and possibly pay more NI.

If its a money purchase scheme (uses investments) then no you cannot get the money back. Virtually all of these dont offer a refund option. If its final salary then there may be that option. However, its typically only offered for a limited period after you leave. 3-6 months normally and you are well outside that.

Its worth noting that the workplace is typically the worst place for advice. It tends to be made up of myths, rumours and misinformation. Often created by the ones with the biggest chips on their shoulders! Always remember that.

McKneff

You didnt disappoint me there Dunston, knew you'd be along.:hello:
I think you taught me that just a couple of weeks ago.

whitfreak

anniehanlon wrote: »

2 years used to be the case (a long time ago, i think it is 6 months now) but not now.

Its rules dependant, there are many defined benefit schemes where if you don't have atleast 2 years worth of contibutions, you either have 6 months to transfer it to your new job/pension, or they'll refund your contributions minus the tax relief (etc), with no option of leaving it where it is.