SCOsazOBY

If someone has paid in to a pension scheme with Skandia for 4 months but then cancelled and no longer contributes to it, then is it possible to get back the cash that has been paid in for them 4 months?
The scheme was only set up 9 months ago but i thought that the minimum term was 2 years and so if you cancel before the 2 years then you get your money back?
Can anyone advise? Many thanks

jods

Yes.
I can advise.
And, no - You can't get the money out but you can transfer it to another pension provider.

Weren't you advised before taking the pension out?

speedking

If they wait until they retire then thay can get the cash back rather than having to buy a tiny annuity. HTH.

Scooby Snacks 23

Assuming this is an occupational arrangement, that is not necessarily true. Whilst the Pensions Simplification legislation specified that a member must have an entitlement to a deferred pension or a transfer value (thereby gaining the value of any Employer contributions) after 3 months membership, the 2 year timescale for refund is still allowable (subject to the Rules of the arrangement in question).

Scooby Snacks 23

Again, not necessarily true. At retirement they could have 25% of the fund value in cash and secure an annuity with the balance. Under current trivial commutation rules, they could only have the whole fund back if the value of all their pensions adds up to less than 1% of the Lifetime Allowance (currently £16,500)

SCOsazOBY

As far as im aware it's an employer and employee contribution one and because it was set up last year for about 3 months there is only a grand and a half paid in.
Theres no other pension policies and about 30 years before retirement so thats why i ask if its ppossible to get the cash back now as it wont be worth anything in 30 years time.
I just thought that if you didnt meet the two year minimum then you are entitled to get back what you paid in?

jods

I stand corrected, said the man in the orthopedic shoe.

Scooby Snacks 23

As mentioned in my earlier post, it is (legislatively) allowable, but if the scheme Rules don't allow it, then it's a no-go.

I'd suggest that you ask the question.