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Refund of pension contributions if less than 2 years in TPS

Discussion in 'Retirement' started by AnotherDayTowardsRetirement, Jun 10, 2018.

  1. AnotherDayTowardsRetirement

    AnotherDayTowardsRetirement Occasional commenter

    Bit of background to my particular situation ......

    Worked in state schools for 15 years and member of TPS.

    Left teaching for a job in industry and therefore left TPS (the old scheme).

    Rejoined profession in March 2017 and started paying into TPS again (new scheme).

    My father died suddenly recently and my brother & I inherited the family business. I am leaving my teaching at end of this academic year to help my brother run the family business.

    I am too young to tap into TPS retirement but only have 14 months paid into the scheme since I returned to teaching.

    Hoping someone can confirm or dismiss my belief that I can leave the TPS new scheme within 1 years and have my 14 monthly pension contributions refunded The lump sum money would be welcome whilst I focus on re-building the family business.

    Any info is grately received.
     
  2. border_walker

    border_walker Lead commenter

    If you can - not sure - but remember that it will be less any tax relief. So might not be as much as you think. BUT you really need to check with TPS.
     
    lindenlea likes this.

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