Quick pension question
Guest
Posts: n/a
Quick pension question
If I leave my current job what happens to the money I've paid into the pension scheme? or if I decide to stop paying into it in favour of a private pension scheme, will they just hand the money over? sorry if they seem like pretty daft questions but I have absolutely no clue about pensions, all I know is that money goes out of my monthly wage 
PassionFord Post Whore!!
Joined: Jun 2003
Posts: 4,903
Likes: 6
From: Scotland
Not entirely sure its still the same but it used to be that if you were in the job less than two years you would get a refund of your own contributions only - the money paid in by the employer reverted to them.
After two years in the job the cash stayed in the employers pension fund, or you got a "buy-out value" that you could transfer to another pension - but you couldn't get any cash out until retirement.
So much depends on the kind of pension nowadays, you really need to talk to your employer or an IFA with all your pension paperwork to be sure.
After two years in the job the cash stayed in the employers pension fund, or you got a "buy-out value" that you could transfer to another pension - but you couldn't get any cash out until retirement.
So much depends on the kind of pension nowadays, you really need to talk to your employer or an IFA with all your pension paperwork to be sure.
Thread
Thread Starter
Forum
Replies
Last Post
SMILER258
Restorations, Rebuilds & Projects.
36
Sep 28, 2015 09:04 AM
