assuming the pay out option is used, and the funds are not transferred to another fund.
2007-07-09 04:23:21 · 5 answers · asked by aisha l 2 in Business & Finance ➔ Personal Finance
I live in the UK and have just left my previous employers.
I have two options 1) transfer my pension to a new employer (not such a good rate so i ain't gonna bother)
or 2) leave it alone and then it will pay into my bank account as soon as I hit 60.
I hope this is along the lines of what you were asking.
Best of luck
Icarus
2007-07-09 23:41:25 · answer #1 · answered by Icarus 6 · 0⤊ 0⤋
I agree with Steve B. If it's a final salary scheme, then you should get back your own contributions plus interest, and it if a money purchase scheme then you will get back your contributions plus any investment return, less interest in both cases. If the scheme delay payment of your refund (one year is excessive!) then you should write to the company and request interest be paid on the late payment.
I would also recommend that you consider taking a transfer value instead of a refund as you get the whole fund transferred (ie with the company contributions). It would be worth a lot more in the long run.
2007-07-09 09:16:03 · answer #2 · answered by princess_coffey 2 · 0⤊ 0⤋
If it was a Company scheme, and you have been a member for less than 2 years, I believe you can get back YOUR (but not the Company) contributions MINIUS Tax.
How long it takes depends on how fast the pension scheme administrators take to act - in my experience anything from 1 month to 1 year ...
Check out the IR site.
2007-07-09 04:51:16 · answer #3 · answered by Steve B 7 · 0⤊ 1⤋
it will take 30 to 60 days depending on the company, how effecient their finance system is and their policy.
2007-07-10 16:40:07 · answer #4 · answered by PAPABIET 1 · 0⤊ 0⤋
not sure if you can do this
2007-07-09 08:37:40 · answer #5 · answered by capcave2002 4 · 0⤊ 0⤋