Pension Refund

MADHAT_2

Hello
This is my first post on this forum and I hope someone can help me. In January 2006 I joined my company pension scheme with Scottish Life and paid in 3% of my salary and 6% was put in by my employer. However I left this company in November - therefore I made 11months contributions. However I would now like a refund of my contributions due to personal reasons. Is this possible with my type of pension. I know if won't be worth alot of money but I would still like to consider it.

Any advice would be much appreciated.

Thanks

molerat

You should be able to get the money YOU paid back less tax & ni. You may not be able to get your employers contributions, see your t&c's.

dunstonh

Scottish Life mostly operate group personal pensions although I believe they do COMPs and CIMPs as well (no experience of that though).

This means you probably cannot get the money back. However, it should be transferable to another pension if you wish.

MADHAT_2

What difference does it make if its a group pension plan? I do not have much knowledge of pensions.

Thanks

dunstonh

a group personal pension is not an occupational pension. It is group of personal pensions to which the employer pays into. Once the money goes in, its stuck there until age 55 at the earliest (assuming you wont hit age 50 before 2010).

wotsthat

In the first instance you need to talk to the scheme provider or your ex-employer to see if it's possible to get a refund of contributions.

It's unlikely as, in return for rebating tax, the government imposes restrictions on what you can subsequently do with the capital to prevent people taking the money back out and therefore reducing pension provision.

wotsthat

In the first instance you need to talk to the scheme provider or your ex-employer to see if it's possible to get a refund of contributions.

It's unlikely as, in return for rebating tax, the government imposes restrictions on what you can subsequently do with the capital to prevent people taking the money back out and therefore reducing pension provision.

Cannon_Fodder

Isn't there some 2 year rule, if less than that long the contributions can be taken out?

dunstonh

not on group personal pensions.