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Carl J

Is There Any Way Of Getting My Funds Back Out Of A Final Salary Pension Scheme That Has Ended?

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My company has decided to finish its pension scheme. Can I get what I've put into it back out?

It it's a final salary scheme you haven't put much in and I'm sure you will get it back. Is the company Whitbread out of interest?

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My company has decided to finish its pension scheme. Can I get what I've put into it back out?

If you've been in it for more than 2 years, no. Less than 2 years and you can get your contributions back minus tax.

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The company is Sun Shemical. I was in it for about 5 years and have around 4k in it. How will I go about getting my money back? I've phoned them and asked but they said it's not possible. A colleauge has told me I need to transfer the funds but where to? Thanks for any help.

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The company is Sun Shemical. I was in it for about 5 years and have around 4k in it. How will I go about getting my money back? I've phoned them and asked but they said it's not possible. A colleauge has told me I need to transfer the funds but where to? Thanks for any help.

Transfer to the next employers pension fund. Otherwise your present fund will be frozen, to pay out only at retirement age. If it's less than £15K (under present laws) then, you should be able to take the lot as cash. If over £15K; 25% cash tax free; the rest must buy an annuity (pension).

These figures may well change over a long period.

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Seriously consider leaving it where it is. Moving your money almost certainly means getting stung admin fee wise and you will be unlikely to move to another final salary scheme I would think. Out if interest are Sun offering you any new provision?

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Transfer to the next employers pension fund. Otherwise your present fund will be frozen, to pay out only at retirement age. If it's less than £15K (under present laws) then, you should be able to take the lot as cash. If over £15K; 25% cash tax free; the rest must buy an annuity (pension).

These figures may well change over a long period.

The figure above is now £17500 but that has to be the value of all your pension funds for you to be able to take it as cash and all pension funds must be cashed within a 12 month period.

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