Pension Break Question

[Lou1z]

Simple answer is you can't get more than 40/60ths so you won't pay more than 30 years into the FPS 1992. Those that did were refunded or given time off so that they didn't contribute any more than 40/60ths worth.

What I would watch out for is auto-enrollment into a pension scheme as employers are bound to do this.
You could be automatically enrolled into the new scheme so be aware of this. If this does happen, there is a time limit to get the money back out otherwise you may find it deferred.

And when you do leave (and if you get another job), watch out for it there too!

[melonhead]

As lou1z says ! I was told by payroll the day after my 50th I would be auto re enrolled so I made sure I fucked off sharpish !

[Kwacker]

I'll need to investigate this 'auto re enrolled' thing then by the sounds of it. :eek:

[Lou1z]

I'm almost sure that you can get you contributions back if you claim within 3 months of auto-enrollent. After that, it's in the scheme for the duration.
And I think they auto-enroll you every 3 months so it's an ongoing thing and you have to be on the ball with it. Not 100% sure of those times but auto-enrollment is an employment thing wherever you go if the company is a certain size.

[noisycat]

My wife works for the local council, and her friend , who isn’t in the pension scheme, is auto enrolled, every year I think, so be careful.

[oilypaws]

I'll need to investigate this 'auto re enrolled' thing then by the sounds of it. :eek:

Mr Kwacker,

Last October central payroll decided that I had done “the 30” and proceeded to remove me from the 92 scheme and put me on to the 2015 scheme as they had decided you can not be in the 92 scheme for more than 30, this was very quickly sorted by payroll (east) for me
Moral.... check yer payslips!

[oilypaws]

Simple answer is you can't get more than 40/60ths so you won't pay more than 30 years into the FPS 1992. Those that did were refunded or given time off so that they didn't contribute any more than 40/60ths worth.

What I would watch out for is auto-enrollment into a pension scheme as employers are bound to do this.
You could be automatically enrolled into the new scheme so be aware of this. If this does happen, there is a time limit to get the money back out otherwise you may find it deferred.

And when you do leave (and if you get another job), watch out for it there too!

Your pension is then related to when you stop paying contributions, not when you retire, if and it’s looking like a big if, the pay goes up and guys are considering staying on for this, you have to stay in the 92 scheme.

[Lou1z]

Are you saying it's possible to have more than 40/60th's in the FPS?

[oilypaws]

Are you saying it's possible to have more than 40/60th's in the FPS?

No,

[Lou1z]

Can you elaborate further? I'm confused that they said you had done the "full 30"
Was it a mistake by payroll and you hadn't done 30 years?