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In pension scheme for less than 2 years
mountainofdebt
Posts: 7,795 Forumite
Its a personal pension - am I entitled to have a refund of contributions (less tax) like other types of pension schemes?
2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date
0
Comments
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not normally. Group personal pensions are just like individual schemes in that once the money is paid in, its there until retirement (or death).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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not normally. Group personal pensions are just like individual schemes in that once the money is paid in, its there until retirement (or death).
If you have under a year's service you have the option of a refund of your own contributions (ex-colleagues made redundant with such service were offered this) but most took the better option of taking a full transfer value to a personal pension (as long as they did this in 3 months after leaving they didn't lose the employer contribution and the tax relief).
The scheme was contracted IN money purchase, a group scheme not a stakeholder.
This was in late 2006, so things may have changed. But it was still post "simplification".0 -
ffacoffipawb some CIMPS (and COMPS) can give contributions back for a very limited period. GPPPs and GSHPs cant normally post cancellation rights.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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