Civil Service Concord Pension contributions and leaving within a short space of time

throwa001

Hello all, I wonder if someone is able to help....

I joined the Civil Service in Sep 2020 and started membership of the Concord Pension scheme as of the September payroll. I have decided that central gov isn’t for me, and will be leaving mid Feb (to go back to local Gov). 

I will only have made 5m contributions to the Concord fund - can anyone confirm what will happen to this - I assume I will be able to transfer it (it’s a DC scheme, not a DB one), but is there a minimum term you have to be a member for? (ie is there an option that the fund will just pay back the cash?) 

Many thanks in advance if anyone can help. 

hugheskevi

throwa001 said:

I will only have made 5m contributions to the Concord fund - can anyone confirm what will happen to this - I assume I will be able to transfer it (it’s a DC scheme, not a DB one), but is there a minimum term you have to be a member for? (ie is there an option that the fund will just pay back the cash?)

Concord is just a standard DC Mastertrust scheme used to automatically enrol a small number of Civil Servants (mostly in the Government Commercial Organisation). Therefore there is no minimum term for preservation as is the case for DB schemes.

After you leave, you can either transfer the pension or leave it where it is, those will be the only options (assuming you are not old enough to commence the pension, ie 55+).

throwa001

Thanks very much for the response, much appreciated @hugheskevi . 
I will transfer the balance back into my own personal pension then (nowhere near 55+) and manage it alongside the other ones.