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3.13 Leaving Service

3.13.1 Refund of Contributions

  • Available provided the employee is leaving with less than 2 years pensionable service and the scheme rules allow it.

  • It should be borne in mind:-

    1. The ex-employee will lose the benefit of any contributions which the employer may have made to the scheme.
    2. Refund is only available for the excess over the cost of GMP/requisite benefits or Protected rights.
    3. Refunds are subjected to a 20% tax charge deducted by trustees.

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