Leaving Occupational Pension

[whujay]

Hi,

I am thinking of leaving my occupational pension, I have been contributing for 19 months, will my contributions be refunded (less 20%) or will I have to wait until I leave my employer?

Thanks for any help.

 

[StevieC]

You'll have to wait till you have left your employer to receive a refund of contributions. On leaving service they will give you an options letter and a refund will be one of the options.

Note the refund is given on years service, so if you have more than 2 years service, then a refund will not be available to you.

If you plan to stay with your employer then you are better off staying in the scheme in my opinion.

 

[Westbound]

You should also bear in mind that the employer may also be paying a contribution for you and there may be other benefits of being a member of the scheme, for example death in service benefits. If you opt out you would lose these benefits or in the case of the death in service, result in a lower benefit.