Overpayment of pension contributions.

[barneyd]

I recently retired after from a semi-state body having paid into my pension scheme for 48 years. Despite the fact that 40 years contributions entitled me to full pension benefits I was compelled to continue paying full contributions up until the time I retired even though this gave me no extra benefits. Should I be entitled to a refund of the overpaid contributions?

 

[oysterman]

Should I be entitled to a refund of the overpaid contributions?

No.

But many congratulations on the length of your service.

 

[barneyd]

Thanks for your reply. It's interesting to note that I would be entitled to a refund if it was a public service pension!

 

[oysterman]

Thanks for your reply. It's interesting to note that I would be entitled to a refund if it was a public service pension!

You wouldn't.

 

[dillage]

barneyd, you are correct in so far as the earliest contributions to the "spouse and childrens scheme" pension of the public sector member would be refunded once the member has service over 40 years. The scheme rules dictate this so it may be best to check with the trustees of your scheme to see if similar rules apply (although unlikely) for any portion of your contributions.