Pension 2 years - handing in notice

Hi all,

I am planning to hand in my notice in work this week and I’m wondering if I’ll meet the 2 year mark for a deferred pension when I leave.

I joined the pension scheme on 15/06/2022 with my first contribution being paid in July payroll 23/07/2022. I need to give a months notice so I’ll finish on the 28/06/2024. Does my notice period count towards pensionable service? If so I’ll have been a member of the pension scheme for over 2 years and have made 24 contributions to my pension when I finish service. Will I be okay in this case to have completed the 2 years service and be entitled to my employers contributions with a deferred pension?

Cheers for the help

Double check the date you joined the scheme from the paperwork the pension provided to you. That is what will be used for the 2 year rule, it may be that you only joined in July. Better to be sure for the sake of a few days extra notice. If you need to give notice to start a new job I am sure that you can change this by a day or two if needed

misemoi said:

Double check the date you joined the scheme from the paperwork the pension provided to you. That is what will be used for the 2 year rule, it may be that you only joined in July. Better to be sure for the sake of a few days extra notice. If you need to give notice to start a new job I am sure that you can change this by a day or two if needed

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Cheers for the reply.

Yes the date on my documents says 15/06/2022. So technically if I hand in my notice now and finish on the 28/06/2022 I should be fine? The notice period will count towards pensionable service?

Depends on what your contract says. If its silent on the issue, expect your employer to at least try to claw back their pension contributions. Can you hold off giving notice until 15th June?

miser said:

Depends on what your contract says. If its silent on the issue, expect your employer to at least try to claw back their pension contributions. Can you hold off giving notice until 15th June?

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Yes there is nothing in my contract on it. If the 2 year limit is a legal one then they shouldn’t be able to claw back their contributions should they?

Is it common for employers to claw back the money?

Yes, in almost every case. It is pension scheme rules. Did you move any old pensions into this one? This usually extends the period served. Call or get in touch with the pension scheme provider to get exact date.

shipship said:

Is it common for employers to claw back the money?

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Yes, unfortunately.

Your employer may be able to commute your notice to less than 2 weeks.
My advice is to resign on the 15th.