A few points:
there are no employer cash conts to most PS pension schemes
there is no PS pension fund
Q2 - If you do nothing, you may receive a very small pension based on your very short service
1. (a) There is no time limit to claim back your contributions.I am really confused on a series of points about the public service pension and hope someone here with more experience can help.
I worked in a university for slightly less than 2 years so I understand I have the option of claiming back my own contributions. However I also understand that the employer's contributions will be lost if i do so and these were at 20% so I would prefer to avoid this.
1: is there a time limit for claiming back my own contributions?
2: the university did not inform me of the options upon leaving and 1 year has passed from when i ceased employment. If I simply do nothing what will happen to this fund?
3: I was told that if I claim back my contributions and join back the public service within 24 months, the previous contributions will be re-instated, is that correct? when do the 24 months period start from though, would it start from when i ceased employment or from when i claim back my contributions?
if anyone could shed some light on these points that would be great
thank you
Scam? How exactly?...I can claim back my contributions at any time but my employer's contribution (the 20%) will be returned if I don't re-join the public service within 24 months, although I would need to find out when does this 24 months periods starts from.
Bit of a scam considering that I was under 2 different contracts which lasted less than 1 year each.
Scam? How exactly?
In what circumstances do you you think rendering 2 pensionable years of your working life unpensionable could be characterised as a smart financial move?
I have to sign a form apparently for the refund to go through so I won't be signing that, i just asked hr to confirm whether it is true that if I rejoin later on I would have to pay back everything with interest and to clarify when would the 24 months period would start from but i got no answer yet. thanks for your help
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