Can I take a refund of contributions?

You may be able to take a refund of your contributions if you were not in a salary sacrifice scheme or have less than two years’ service in the scheme (service includes any service from other memberships you have with us and any transferred service from another pension into the scheme).

Defined Benefit members

The refund is the value of your contributions with interest (but not the employer's contributions). The refund that you take will be taxed. If you have transferred benefits from a Personal Pension plan, or if you have transferred in service from another pension scheme which takes your qualifying service over two years, you can't take a refund of your contributions.

If you were in the scheme before 6 April 2016, deductions from the refund include an amount that will buy you back into the Additional State Pension.

Defined Contribution members

You can have a refund of your contributions (but not any contributions made by your employer) if you have less than two years’ service and joined before 1 October 2015. However, if you joined on or after 1 October 2015, you would only receive a refund of your contributions if you left the scheme within 30 days of joining.

The refund is the value of the units purchased with your contributions (but not with employer's contributions). The refund that you take will have tax applied.