Collective Plan Refund

[freespeech]

Hi all,

Section C person here (37 years) and leaving the business mid April. Given I will only have around 6 months contributions in the new plan is there an option for a refund of contributions? I can't see any info on the plan website. Thanks.

[yellowbelly]

https://rmcollectiveplan.com/if-i-leave

You'll have to close the pop up that appears on the page at the moment to ask you who you want to vote for to be a trustee!

[freespeech]

https://rmcollectiveplan.com/if-i-leave

You'll have to close the pop up that appears on the page at the moment to ask you who you want to vote for to be a trustee!

Thanks......so a refund not an option for me as I was an employee prior to the scheme starting.

[Postie Malone]

You can transfer the value of your share of the collective plan out to a SIPP. The value is likely to be significantly more than just your contributions. If you are at least 55 you can then withdraw it from the SIPP taking 25 per cent tax free but you will be taxed on the rest.

[NewPostieUK]

I paid into it for a few weeks, and I'll get £2 a year in 7 years time.
I can't have my payments back and it's not worth the hassle or cost of trying to do anything with the money.