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Pension Conts Refund (Opt out local government scheme)
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savaloy71
Posts: 1 Newbie
Hi , I have opted for a refund of cont's , I paid approx 1635 over an 18 month period , what can I expect to be refunded , ie -20% - 1.6% - CEP ?? What is the rate of CEP ? does anyone know please as I cant find info anywhere ? 
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Comments
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You have selected what is typically the worst option as you will have to pay tax and NI on the refund amount. Plus, you lose the benefit of the employer funded bit of the pension. The transfer option could be around 10 times the contribution you paid.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Try to stop the return of contribs and make a transfer instead.
This is a huge waste of money.
The deductions will be Basic rate tax plus NI, could be 32% plus 100% of employers contributions.0
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