Redundancy and pension

cmckenz4

Hi

Started a new job about 3 years ago and took on the pension two years ago exactly with USS. The position is being made redundant and I was wondering if there is any legal way to have my pension contributions refunded? USS have told me that at the age of 39 I am too young and will have to wait until I am 55. I am more worried about making it through the next few months than I am retirement.

Any advice would be appreciated

Thanks

TrustyOven

Sounds like you don't have a 6 month expenses emergency fund. I doubt you can get a refund on your pensions contributions. Anything in the leaflets / terms + conditions that states early exit?

Maybe take it as a learning experience and get some assistance with immediate bills / food?

When you get your next job, start saving to hold 6 months of expenses as cash in a interest giving account with easy access, and keep this safe for the next time.

atush

even if you could get the money back, you dont want it. It will be worth at least 4 times as much in the pension. In the mean time, ask your employer about your redundancy payment incl any holiday pay accrued. This can be used to keep the wolves from the door.

Plus you will I assume have to go on benefits. So get down to the CAB or jobcenter and get the info you need about signing on. Go to the benefits forum and ask.

In the meantime, as above, when you start your new job save an emergency pot of money. Your situation and other emergencies is what it is for?

McKneff

Just to point out that you would only get your own contributions back, less income tax and less NI.


It will be worth a lot more than that if you can leave it where it is.

ermine

cmckenz4 wrote: »

I am more worried about making it through the next few months than I am retirement.

because tomorrow never comes and this year never turns into last year?