Help with what to do with my pension - Can I claim back tax?

sheramber

quoted in post 2 it says you must have 2 years qualifying serviice to qualify for benefits,
As the OP has only 18 months service he does not quaify for benefits , so no benfits to transfer, therefore can take repayment.

What happens to my pension when I leave pensionable employment?

To qualify for benefits you must have two years qualifying service. That can be in the final salary or career average arrangements or a combination of both. You can leave your benefits in the Teachers' Pension Scheme and claim them when you reach your Normal Pension Age, or you can claim them when you’re 55, but they will be reduced.
If you join a new pension scheme you may be able to transfer your benefits to you new scheme.
If you haven’t qualified for benefits you can take a repayment of your pension contributions.

If I apply for a repayment will I get all of my contributions back?

The amount you will be repaid will be the contributions you’ve paid into the Teachers' Pension Scheme together with compound interest added at 3% per annum. Two sets of deductions will be made: one to secure your benefits in the State Pension Scheme and the other for tax.

jem16

sheramber wrote: »

quoted in post 2 it says you must have 2 years qualifying serviice to qualify for benefits,
As the OP has only 18 months service he does not quaify for benefits , so no benfits to transfer, therefore can take repayment.

These are three separate parts. The OP has less than 2 years service so cannot retain benefits within the TPS.

However with less than 2 years service, the OP has the choice of a transfer or a refund.

This explains it in more detail. Note this is for the Scottish Scheme but rules are exactly the same for England & Wales.

http://www.sppa.gov.uk/index.php?option=com_content&view=article&id=133&Itemid=135

For the Op it also clarifies that the new rules banning transfers from DB to DC schemes do not apply so the OP should be free to open a simple DC pension somewhere and transfer into it. This must be done within 12 months of leaving.

greenglide

.... but, of course, the OP would need to find a receiving scheme that would take this.

So the OP should be negotiating with a receiving scheme who know what they are doing? H&L would have been an option but not taking any new DB transfers at present?

jem16

greenglide wrote: »

.... but, of course, the OP would need to find a receiving scheme that would take this.

Yes often the biggest stumbling block in what should be a simple transfer.

So the OP should be negotiating with a receiving scheme who know what they are doing?

Good idea to find a receiving scheme although I think getting a CETV would also be sensible.