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Refund of scheme contributions
Soldierearth54
Posts: 231 Forumite
Looking for some advice...
Recently finished a job after 1.5 years. Received a letter advising I was entitled a refund of £1700 or I could transfer to another scheme.
Any thoughts on the best option? What factors do I consider?
Recently finished a job after 1.5 years. Received a letter advising I was entitled a refund of £1700 or I could transfer to another scheme.
Any thoughts on the best option? What factors do I consider?
0
Comments
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Probably transfer is best as you keep your employer's contribution. With refund of contributions you just get your payments back.0
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Depends on the scheme but the transfer value can often be 10 times more than the refund value. So, nearly always, transfer beats refund.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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You have a new job and a new scheme? Will the new scheme accept a transfer in?0
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