Worked for Tesco for 7 years, only in pension for 18mths, lose their contributions?

Linton

bigadaj wrote: »

Will the OP be allowed to transfer out of a defined benefit scheme, as it's not a very sensible thing to do in the vast majority of circumstances?

Because she was in for less than 2 years she has to be given the right to withdraw her money and may not have the option to remain in.

bigadaj

Linton wrote: »

Because she was in for less than 2 years she has to be given the right to withdraw her money and may not have the option to remain in.

Ok, thanks I'didnt read the opening post properly and assumed she was still with tesco, my bad as those young people say.

*Kat*

jem16 wrote: »

Thanks for pointing that out - I had missed that. You would expect the transfer value to be higher than the gross refund.

I would be checking those figures with Tesco.

I was also paying in AVC too, so the figure does seem low, that's why I was concerned. I'll check it out thanks!

jem16

*Kat* wrote: »

I was also paying in AVC too, so the figure does seem low, that's why I was concerned. I'll check it out thanks!

Your AVCs are invested separately from the scheme with Prudential or Standard Life. This will still exist so you should check that out too.

atush

The AVCs certainly can be transferred to another pension.

yes, I would always expect the transfer value to exceed the refund of premiums so do check with Tesco and come back to us when they have replied.

shop-to-drop

If you do opt for withdrawal and refund remember the amount you get will be less than what you paid in as tax will now have to be paid.

*Kat*

jem16 wrote: »

Your AVCs are invested separately from the scheme with Prudential or Standard Life. This will still exist so you should check that out too.

I guess I should just give them another call and ask them to check it out...I have all my wage slips so I might just use those to figure out how much I should be expecting.

Thanks!