Cancelling my Group pension but still working in Company

J

jenolan

Guest
If someone in a Group DC scheme just wants to cancel their pension but is still working in the Company can they get a refund of the value of their contributions or is their only choice to leave it Paid-Up
 
Hi - I presume by 'cancel' you mean 'stop making further contributions'? How long have you been contributing for? How long have you been with that company for?
 
Yes, wants to stop paying in any further contributions. Have been in the scheme for less than 2 years so if they were actually leaving the company they would be entitled to a refund. But because they just want to stop paying in does that mean they can only leave paid-up, not entitled to refund?
 
Stop contributing

A refund of contributions is only available on leaving service IF you have completed less than 2 years service. If you simply want to stop contributing but to continue working with the company (assuming the Scheme rules allow that) your fund will simply be frozen.
 
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