Leaving job after 5 months…

RedfordML

What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? 

Makes zero sense to leave them? 

Do I contacted automatically about this once I’ve finished my notice period? 

Thanks 

MattMattMattUK

RedfordML said:

What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? 

Makes zero sense to leave them? 

Do I contacted automatically about this once I’ve finished my notice period? 

Thanks 

You would be able to transfer them to any other pension scheme you have, or leave them where they are. You will not get them back in cash form and cannot spend them. 

Marcon

MattMattMattUK said:

RedfordML said:

What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? 

Makes zero sense to leave them? 

Do I contacted automatically about this once I’ve finished my notice period? 

Thanks 

You would be able to transfer them to any other pension scheme you have, or leave them where they are. You will not get them back in cash form and cannot spend them. 

Depends what sort of scheme it is. If it's a defined benefit scheme and OP has under two years of membership, they can normally - and often must - take a refund of their own contributions (minus tax, so it won't be the size of  'nice little bonus' they envisage). They'll lose the benefit of the employer's input.

If there's an option to transfer to another scheme, this is far better in the long run, because the transfer value would include employer contributions, which could make a very big difference to the amount.

Penguin_

If it is a defined benefit pension you may be able to get them back as you will have been in the scheme for less than 2 years.

Albermarle

RedfordML said:

What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? 

Makes zero sense to leave them? 

Do I contacted automatically about this once I’ve finished my notice period? 

Thanks 

When you start your next job, enrol in their pension scheme and then ask the new scheme to transfer in this one.
Remember although you have only added £750, the employer will have added some as well.

Marcon

Albermarle said:

RedfordML said:

What will happen to the contributions I’ve made. Personally, I’d be happy to get them back, on average it’s £150 a month I’ve paid in - so a nice little bonus for the summer? 

Makes zero sense to leave them? 

Do I contacted automatically about this once I’ve finished my notice period? 

Thanks 

When you start your next job, enrol in their pension scheme and then ask the new scheme to transfer in this one.
Remember although you have only added £750, the employer will have added some as well.

...if OP has the option of a transfer rather than taking a refund.

Looking at OP's other posts, I think this is the NHS scheme, in which case a transfer is an option '....if under Normal Pension Age, and you joined your new pension arrangement within 12 months; and you apply for the transfer within 12 months of joining your new arrangement.'

RedfordML

Thanks for all your comments. 

The only over pot I have is a teachers, not sure if it’s possible but maybe an option. If not will have to accept the 20% loss.

No point just leaving it? Or better that than 20% loss? 

greatkingrat

Are you currently looking for a new job? If so, the easiest thing would be to transfer it into whatever pension scheme the new job offers.

RedfordML

Tbh, likely to go back to teaching. 

I’ve got a couple of little pots similar to this - can I just merge them all into teaching one? 

FIREDreamer

RedfordML said:

Tbh, likely to go back to teaching. 

I’ve got a couple of little pots similar to this - can I just merge them all into teaching one? 

Assuming you do it within one year of joining the Teachers Pension Scheme, probably yes.

MEM62

RedfordML said:

Makes zero sense to leave them? 

Your future self might disagree :-)  Particularly if you have a long time to retirement.