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When you resign, & opt out of your company's pension scheme how long does it usually take to receive the money |
assuming the pay out option is used, and the funds are not transferred to another fund. I live in the UK and have just left my previous employers. If it was a Company scheme, and you have been a member for less than 2 years, I believe you can get back YOUR (but not the Company) contributions MINIUS Tax. not sure if you can do this I agree with Steve B. If it's a final salary scheme, then you should get back your own contributions plus interest, and it if a money purchase scheme then you will get back your contributions plus any investment return, less interest in both cases. If the scheme delay payment of your refund (one year is excessive!) then you should write to the company and request interest be paid on the late payment. it will take 30 to 60 days depending on the company, how effecient their finance system is and their policy. |
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