Refund of pension contributions

Chuck_763

Hello,

So is it possible to get a refund of my pension contributions?

I joined my current place of work just over 3 years ago. At the time of joining the company I was auto-enrolled into their salary sacrifice pension scheme. I opted out after a while as I had to take a bit of a pay cut compared to my previous job and would rather have just had the money each month to be honest.

After logging into my Halifax current account I notice there is £2698 sitting there under the heading 'Personal Pension'. I've been wondering whether it's possible to get this transferred into just my normal Halifax Instant Saver account? It seems such a piddly amount to be sitting there it doesn't seem worth it. I'm a homeowner so it's not like I've solely got pension contributions to rely on for retirement and I may revisit a pension scheme in a couple of years time, who knows.

The pension company have sent me a Quotation of Transfer Value form to fill in but does that mean they're expecting me to want to transfer it to another pension scheme, rather than my own bank account? I'm not sure how it works...

Thanks

cloud_dog

Unless you have severe (life limiting) health issues you cannot access (draw) your pension pot until 55 (currently).

It is a shame you felt you had to opt-out as you have missed out on some lovely free money. For every £100 that went in to your pension it would have only reduced your take home pay by £68.

penners324

No.
It can't be withdrawn until your 55.
It's a terrible idea to opt out of a pension scheme. Unless your nearly destitute.

penners324

You need to opt back in to the pension scheme asap.

xylophone

I'm a homeowner so it's not like I've solely got pension contributions to rely on for retirement

Do you mean that you would downsize and hope that the money released would fund what could be a 30 year plus retirement?

Time to opt back into the pension scheme?

jimi_man

Chuck_763 wrote: »

...... I'm a homeowner so it's not like I've solely got pension contributions to rely on for retirement and I may revisit a pension scheme in a couple of years time, who knows.

I'm not quite sure what you mean by this? I don't think being a homeowner gives you any extra pension. Are you thinking that you'll use your home to fund your retirement, in which case where would you live? If you're thinking of downsizing then it's rare that that would generate sufficient money to fund a retirement.

Ganga

harperlee wrote: »

Unless you are moving from London to Sunderland.

Let him stay in London we do not want him ( ok only kidding )
Maybe he/she is going to buy a tent and sell his/her house :rotfl::rotfl::rotfl:

Davy_Jones_II

harperlee wrote: »

Unless you are moving from London to Sunderland.

Nobody in history has ever voluntarily moved to Sunderland.

grnglide

Strangely there are, actually, even worse places than Sunderland (I would include Middlesbrough, Stockton, Blackpool etc).

DairyQueen

Davy_Jones_II wrote: »

Nobody in history has ever voluntarily moved to Sunderland.

I would rather slide down a 50 metre razor blade than live in London. Sunderland (on the other hand) ....

Horses for courses.

bostonerimus

The more you contribute to a pension as early as possible the better as the money will have more time to compound. Stopping contributions was a bad financial decision and contemplating removing those contributions (whether it is possible or not) is even worse. You need to get an understanding of budgeting, saving and investing for the future and how ill considered actions you take now could negatively affect you in the future.