Opting out of pension scheme - student placement

thecritter99

Hi there

I have been working for local government since 1st July on a student placement as part of my university sandwich course. The placement will last for a year.

I have been paying pension contributions since I started (approx £100 a month) into their LGPS (Local Government Pension Scheme). I was automatically enrolled on the scheme, but hadn't realised there was a deadline (3 months to opt out) until today when I looked into opting out. I need as much money as I can get my hands on at the moment so I can get a flat and then once I have settled down, I would opt in again.

According to the Ts and Cs, I can't claim it back for over 40 years, but do I have a comeback if I wasn't told about the deadline and the fact that I am on a placement?

Thanks in advance!

hyubh

thecritter99 wrote: »

I have been paying pension contributions since I started (approx £100 a month) into their LGPS (Local Government Pension Scheme).

Great! For low paid people, the LGPS, NHS and Tesco's scheme are pretty much the only decent pension schemes going - much, much better than that NEST rubbish.

I was automatically enrolled on the scheme, but hadn't realised there was a deadline (3 months to opt out) until today when I looked into opting out.

What a relief! Means you've made at least one decent investment, albeit with a small amount...

According to the Ts and Cs, I can't claim it back for over 40 years

Normal pension age is currently 65, though you can draw benefits from 60 with reductions.

do I have a comeback if I wasn't told about the deadline

Did you receive a scheme booklet on joining?

and the fact that I am on a placement?

Irrelevant - LGPS administrators up and down the land have to deal with loads and loads of short-term deferred benefits. Anyhow, taking a refund would be foolish - you realise you would only be getting back your own contributions, net of reclaimed tax relief? (HMRC is a jealous soul.)