Minimum time to be in a pension scheme

Jack_Griffin

I was in 2 schemes many years ago for less than 2 years & I was told they couldn't keep me in the schemes as there was a minimum qualifying membership period of 2 years.. and they paid me back the contributions..

So I'd like to find out if there is any minimum time you need to be in a pension scheme as I may be about to join an employers scheme but I am not certain how long I'll stay in the job, (the call of retirement is strong ).

However the rules may be rather different these days.. so if anyone has a clear idea of how it works these days I'd be grateful for an explaination.

atush

It depends on the scheme, but many allow you to transfer built up pension to another pension if you leave under 2 years. You can just open a PP and transfer to it. You will have to find out about your scheme. But you really need to work on a pension, so I'd do something about it now.

Your old ones may have allowed it as well, but too late now lol.

xylophone

http://www.monetos.co.uk/pensions/non-state-pensions/leaving-early/
http://www.thepensionsregulator.gov.uk/codes/code-early-leavers.aspx
https://www.pensionsadvisoryservice.org.uk/news/2011/december/government-confirms-plans-to-stop-pension-contribution-refunds-for-short-service

Jack_Griffin

atush wrote: »

It depends on the scheme, but many allow you to transfer built up pension to another pension if you leave under 2 years. You can just open a PP and transfer to it. You will have to find out about your scheme. But you really need to work on a pension, so I'd do something about it now.

Your old ones may have allowed it as well, but too late now lol.

Old ones was when I was in early 20's & pension wasn't on my mind, I'm in my mid 50's now ;-)

I've got a PP fund, but I think any employers scheme is likely to be better value.. yet to find out though..

atush

so find out if you can transfer if you leave early. You can transfer it to that PP.

GhIFA

The two year minimum period applies to occupational pension arrangements. If your new employer's scheme is a personal pension arrangement then no equivalent rule applies - once you're in you're in! (Although note that under auto-enrolment legislation you do have a 30 day window to opt-out)