Eligible for a refund?

BigTone

Hi, I was paying into a private, final salary pension for ten months,
Am I eligible for a refund of contributions as my pension value is 400 per year and a refund will be more useful to me now.

Damask

Possibly... it all depends on the scheme rules... the best people to ask would be the scheme administrators.

JOHNGT

Almost certainly, most DB schemes allow a refund up until you have 2 years pensionable service (they must also legally offer a transfer value as you have more than 3 months pensionable service)

McKneff

do you realise that if you are eligible for a refund you will only get your own contributions less tax and national insurance contributions.

There's a big difference between what is in your 'pot' and that of what you get back.

Leave the pot where it is and forget about it. you'll be quite surprised how much your pot will have grown when you retire.

RichandJ

McKneff wrote: »

do you realise that if you are eligible for a refund you will only get your own contributions less tax and national insurance contributions.

There's a big difference between what is in your 'pot' and that of what you get back.

Leave the pot where it is and forget about it. you'll be quite surprised how much your pot will have grown when you retire.

OP said it was FS McKneff, so no pot as such. Depends on the Scheme Rules whether they allow short service benefit to be deferred or insist on either refund of member contributions or transfer out.

OP, you say "pension value is 400 a year", can you clarify ? Is that the total contributions you've made or is that the deferred pension offered (subject to caveat about Rules above) ?