reclaim pension

[sin192]

hi ive been workin for royalmail for around 18 months, could anyone tell me if i can reclaim what ive payed into my pension. thanks

[Stormproof]

Not sure how RM works but previous employment (local government) I had I claimed back my pension payments as I worked there less than 3 years.

[savo]

Think you can if been in scheme less than 2 years, they will make deductions to "contract you back in " to normal pension.

[island_boy]

hi ive been workin for royalmail for around 18 months, could anyone tell me if i can reclaim what ive payed into my pension. thanks

are you mad?

really really really recommend you get some proper advice from a financial advisor ASAP

they will most likely advise you not to do this in a million years, if you leave the scheme your in, you cant rejoin, it is much better to be in the final salary/average salary schemes which will most likely never be available to new joners again, than to start a fresh in the future in the new scheme which is a defined contribution scheme where you have no idea what the value of your pot will be at the end of your career the only certainty is what is being put into the pot, if your in financial dificulties they will try other ways to sort you out which will be more benificial to you in the long run

[Tall Guy]

Island Boy is spot on. You would be absolutely mad to take your money out. The problem with the pension is that company and the government (hopefully!) have got to fund it and it is so generous compared to what you'd get anywhere else. Even if you've left the business you'd best leaving it where it is, rather than taking it and putting it into your new employers pension.

As advised above, get some professional advice. They'll almost certainly tell you to leave it well alone.....

[BELIAL]

On the other hand RM have just added 5 years to your working life. So no discussion ,no agreement, you just lost five years pension, and your final salary scheme . Nothing to stop them saying next year, you work till 70 and get 1/2 career average.
How much do you trust your employer with your wages held back? Especially after 2007???????

[island_boy]

On the other hand RM have just added 5 years to your working life. So no discussion ,no agreement, you just lost five years pension, and your final salary scheme . Nothing to stop them saying next year, you work till 70 and get 1/2 career average.
How much do you trust your employer with your wages held back? Especially after 2007???????

but they cant change what you already paid into, if you have paid 10 years into final salary they cant move the goal posts and say we are now considering that previous ten years and changing it to average salary, they can say we are changing it from now on but cant change what you have areleady paid, so your arguement is wrong, there is absolutely no reason to withdraw what he has already paid in, granted there may be reasons to stop paying in, in the future but he needs proper financial advice from an Independent Finacial Advisor

[BELIAL]

They can't as the law stands at present but they can easily pass any act they choose to enable a smash and grab raid , this government has already broken the long standing taboo of no retrospective legislation. A more likely scenario is that any stitch up will be done by stealth and very creative accountancy practises

[dvbuk55]

They can't as the law stands at present but they can easily pass any act they choose to enable a smash and grab raid , this government has already broken the long standing taboo of no retrospective legislation. A more likely scenario is that any stitch up will be done by stealth and very creative accountancy practises

Of course it won't really matter when the fight to stop all this happening begins - when is that?