Localfund.com - All about Fund and Investment
*Home>>>Pension Fund

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.

I have two options 1) transfer my pension to a new employer (not such a good rate so i ain't gonna bother)
or 2) leave it alone and then it will pay into my bank account as soon as I hit 60.

I hope this is along the lines of what you were asking.
Best of luck
Icarus

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.

How long it takes depends on how fast the pension scheme administrators take to act - in my experience anything from 1 month to 1 year ...

Check out the IR site.

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.
I would also recommend that you consider taking a transfer value instead of a refund as you get the whole fund transferred (ie with the company contributions). It would be worth a lot more in the long run.

it will take 30 to 60 days depending on the company, how effecient their finance system is and their policy.

Tags
  Private Investment   Private Equity   Private Capital   Personal Investment   Pension Fund   Pecunix   Online Investment   Online Business
Related information
  • What would you do if you had an uncle that was out of work and taking his mothers pension to live on?

    Any way you go it will cost you money. You are right in going to a lawyer to do this..... bite the bullet, and make it happen somehow....

    ...
  • Where is the best place for for your money as a retirement fund?

    It depends on your tolerance for risk. If your retirement fund is in an IRA or 401(k) plan and you have investment option you should choose growth stocks when you are young and gradually move to in...

  • Interbank interest rates?

    Perhaps it is more of a case that some banks are being infected with leprosy. Maybe the liquidity issue is bank specific. In other words, there are loans at good rates for some banks but not for ...

  • The UK government looks set to target 4X4s. Environment or just another cash cow?

    Its for the tax money. Global warming is just the excuse.

    ...
  • Whats the best way to learn about regular finances? Should I get a financal advisor?

    Regular finances? Are you talking about investment options? It depends on how much money you have if you should get a financial advisor. It can be expensive or you can risk getting some not great ...

  • Is there a "hidden hand" in economics ?

    Interesting scenario - it would make a good book. One thing that probably does affect the aging in my opinion, is the higher number of prescription drugs simultaneously taken by the elderly, comb...

  • Question on QRDO taxes and penalty.?

    There are no taxes on transfers incident to divorce or on qualified pension to IRA rollovers. The subsequent partial distribution from the IRA is subject to regular income tax and may be subject t...

  • I worked for Starkist Food Company for 14 yrs. I need to find out how much $ I have in my pension plan.?

    Contact someone in their human resources. They should be able to direct you to the holder of the account(s).

    ...
  •  

    Categories--Copyright/IP Policy--Contact Webmaster