Pension refund

Steph.87

Hello I’m new to this so any help will do.
I have recieved a letter from my pension gmpf saying I’m owed a refund as I wasn’t at my last job long enough(left before the 2 year mark) they told me the amount of the refund and I had to send a form off stating I wanted the refund. Does anyone know how long it take for this refund to go into my bank? It doesn’t say anywhere on the letter or website. Thankyou

cloud_dog

Steph.87 wrote: »

Hello I’m new to this so any help will do.
I have recieved a letter from my pension gmpf saying I’m owed a refund as I wasn’t at my last job long enough(left before the 2 year mark) they told me the amount of the refund and I had to send a form off stating I wanted the refund. Does anyone know how long it take for this refund to go into my bank? It doesn’t say anywhere on the letter or website. Thankyou

Do you need to take the refund?

Is it a final salary (type) scheme or are you desperate for the cash?

xylophone

Can it not be transferred into your current pension scheme?

Steph.87

I don’t need to take it I can transfer to another pension but I need the cash so have took the refund just need to know how long it takes to recieve it?

Steph.87

Yes I think it can be transferred to another one but I don’t know how long I’ll be out of work so just signed the form and chose to take the refund, just need to know roughly how long to recieve the money. I sent the form off on Wednesday.

Dazed_and_confused

You will almost certainly regret this in years to come.

If you don't desperately need the money now you might be surprised how much more the transfer amount will be.

Steph.87

Yes I understand all that but my husband had an extremely well paid job and all I want to know if roughly does any know how long the refund takes? Thanks

Dazed_and_confused

You are probably best of asking gmpf as they are the only ones who will know for certain.

Marcon

Steph.87 wrote: »

Yes I understand all that but my husband had an extremely well paid job and all I want to know if roughly does any know how long the refund takes? Thanks

Between 2 and 8 weeks is fairly typical, but depends entirely on the scheme and how busy they are at the time they receive your form. Give them a ring - might be a lot quicker than that.

I assume you left more than a month ago? If not, this quote from GMPF's site is relevant: 'The earliest we can pay your refund is a month and two days after you leave. If we pay it more than 12 months after you leave, we will add interest to cover the period from the date you left.'

Steph.87

Thankyou, I left in September and I recieved the letter last week, sent the form on Wednesday. I was there just under 2 years that’s why I’m agreeing to take the refund.

blues

Money is best left in a pension. Not advisable at all to take a refund.