Northern Ireland Civil Service Pension

niciola

I am considering opting out of my oension scheme for a few years for financial reasons. I have been paying into it for approximately 4 years. All th einformation provided by the NI Civil Service is rubbish and the various HR depts dont have a clue either. All I want is an answer to a simple question. What happens the money I have already paid in, NOT my employer contribuations. Does that get given back to me, put in some balck hole or kept until pension age?

Any clarity on what I assumed to be a pretty standard question would be appreciated

jem16

niciola wrote: »

What happens the money I have already paid in, NOT my employer contribuations. Does that get given back to me, put in some balck hole or kept until pension age?

You would become a deferred member and entitlement kept till normal retirement age. You cannot get a refund if you have contributed for over 2 years.

http://www.dfpni.gov.uk/civilservicepensions-ni/index

Opting out is not a great idea and you will probably regret it greatly later on. You are unlikely to save much but will lose a great deal.

hyubh

niciola wrote: »

I have been paying into it for approximately 4 years.

If you opt out, you won't be able to get a refund of contributions, and will instead be 'awarded' a deferred benefit, i.e. a small pension waiting for you when you meet the scheme retirement age.

All th einformation provided by the NI Civil Service is rubbish

The website seems pretty clear to me:

http://www.dfpni.gov.uk/civilservicepensions-ni/index

Have you looked at it?

What happens the money I have already paid in, NOT my employer contribuations. Does that get given back to me, put in some balck hole or kept until pension age?

It isn't a 'black hole'. Assuming you didn't elect for the Partnership scheme, you have a very good defined benefit pension that will provide a guaranteed income when you retire. If you were to opt out, the current value, while not much given only 4 years membership, will nevertheless increase by CPI every year.

Also, in terms of the cost, keep in mind employee rates are generously low, and you get tax and National Insurance relief.

bigfreddiel

niciola wrote: »

All th einformation provided by the NI Civil Service is rubbish and the various HR depts dont have a clue either.

could you post the answers for us to see how bad they were -maybe you asked the wrong questions

cheers

fj