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Pension scheme refund?

Discussion in 'Pay and conditions' started by dixxy95, Nov 13, 2019.

  1. dixxy95

    dixxy95 New commenter

    I've recently opted out of my pension scheme and enquired into receiving a refund for my contributions but have been told I won't be able to do so as I've been a member of the scheme for longer than 24 months (25 :mad:). Does this definitely mean there's no way at all to claim back the contributions made into a pension scheme?
  2. Rott Weiler

    Rott Weiler Star commenter Forum guide

    Is this the Teachers' Pension Scheme (TPS)?
  3. border_walker

    border_walker Lead commenter

    Check on the TPS site, but I seem to recall that this is correct.
  4. diddydave

    diddydave Established commenter

    Looks like that's right: https://www.teacherspensions.co.uk/members/working-life/paying-in/payments-refunds.aspx

    But whilst you cannot get the contributions back you will get the benefits when you retire - and that small pot you have amassed so far will grow with inflation...and if you go back into the scheme within 5 years it will have a 1.6% bonus added each year as well.
  5. jubilee

    jubilee Star commenter

    Can I ask why you have opted out of the TPS?
    border_walker and Piranha like this.
  6. pauljoecoe

    pauljoecoe New commenter

    My wife opted out after a year or so of teaching and got a refund but regretted it in the long run. If you are going to stay in teaching, or if you are leaving but likely to return at some point it's worth leaving it there. It makes a big impact 30 years down the line.
    border_walker likes this.

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