Redundancy looming - Can I have pension contributions refunded?

bigjim01

I am currently facing redundancy, and because of the current payments schedule, am not due to receive a large amount of payout. However. I have been paying into the Local Govt Pension Scheme for approx 8 years, and wonder if it is possible to "take" this money as part of the redundancy package, be it to reinvest, or just to sustain me whilst I job hunt.

Has anyone any experience of success in doing this, or advice on how to pursue it?

many thanks

robin_banks

AIUI you can't...

Andy_L

No. if it had been less than 2 years (or poss 6 months - the rules may have changed recently) you could have got a refund of your contributions only

BodyElectric

This happened to me a few years ago and I was just a few days over the limit for getting it all back. Every time I get the statement of the forecast value when I retire it reignites the irritation. Frankly the money would have been much more use at the time - and even more so now .

molerat

Do you want sausages and beans or just the beans when you retire ?. The LGPS is probably one of the best places to have money invested for your future.

sharkie

molerat wrote: »

Do you want sausages and beans or just the beans when you retire ?. The LGPS is probably one of the best places to have money invested for your future.

The way that is all going, thing the question should it not read 'beans or cat food when you retire'

Andy_L

BodyElectric wrote: »

This happened to me a few years ago and I was just a few days over the limit for getting it all back. Every time I get the statement of the forecast value when I retire it reignites the irritation. Frankly the money would have been much more use at the time - and even more so now .

Except the refund would have been far less than the forcast value - it would have only been you contributions (~25% of the total) less the tax refund & the cost of reinstating your SERPS/S2P.

BodyElectric

Andy_L wrote: »

Except the refund would have been far less than the forcast value - it would have only been you contributions (~25% of the total) less the tax refund & the cost of reinstating your SERPS/S2P.

That cheered me up a bit but it won't amount to much, still I might need it then.

-BA-

sharkie wrote: »

The way that is all going, thing the question should it not read 'beans or cat food when you retire'

Somebody doesn't have a cat

Little blighter eats better than I do