Retrieving pension funds from short term employment

93darkknight

Not what it states on the link though is it? or am I missing something?

Linton

93darkknight wrote: »

What about this?


(stick in the World Wide Web here) thepensionsregulator.gov.uk/en/document-library/codes-of-practice/code-4-early-leavers


9. When a member of an occupational pension scheme leaves pensionable service after three months and with less than two years' pensionable service and without vested rights to benefit under the scheme rules, they must be notified of their statutory rights to take a cash transfer sum or a contribution refund.[6]

Look at:

Who does this code of practice apply to?
6. This code of practice applies to trustees of occupational pension schemes where the scheme rules do not provide vested rights to benefits for members with three months’ service, but less than two years’ service. It will also be of use to sponsoring employers of such schemes, pensions administrators, professional advisers and pensions practitioners in general.

With some DB (final salary) schemes if you have been in the scheme for less than 2 years you are not due a pension. So this paper is just saying that in those circumstances you should get your money back, and be told that you should.

Silvertabby

93darkknight wrote: »

Not what it states on the link though is it? or am I missing something?

Code in force: May 2006
This code of practice applies to trustees of occupational pension schemes where the scheme rules do not provide vested rights to benefits for members with three months' service, but less than two years' service

Yes - you are missing the 'vested rights' bit. That refers to DB (ie, final salary or career average) pension schemes which have a minimum vested period of 2 years in order to be entitled to actual pension benefits in the scheme. In these cases, people who leave with less than 2 years service usually have the choice of taking a refund of their own contributions less tax/NI or (sometimes subject to a minimum 3 months service) the much better option of a transfer to another pension scheme.

In your case, as you are in a DC scheme, you have pension rights from day one of your membership.