Hi guys, Iv'e been paying into the pension contribution plan for 2 years but was wondering if i could stop paying into it AND would i receive the money ( About £500) i've put in back ?.. Pretty sure i looked into this a while back and emailed the team at Zurich and was told i may not receive any money back.. Surely its my money and would be wrong not to get it back?.
Thanks in advance.
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pension opt out
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RobertT
- EX ROYAL MAIL
- Posts: 6645
- Joined: 09 Sep 2007, 14:26
- Gender: Male
Re: pension opt out
You'll be in the RM Defined Contribution Pension with Zurich!
It's a pension designed to fund your retirement so you can stop paying into it if you want, but you won't be able to touch any of the money until you're at least 55, possibly older depending on your current age.
More info can be found by perusing the plan guide you got when you signed up or via this website:
http://www.zurich.co.uk/worksavings/library/" onclick="window.open(this.href);return false;
EDIT: Also bear in mind that by opting out you'll be declining the tax relief, RM contributions into your pension and any potential death in service payout would also be reduced.
It's a pension designed to fund your retirement so you can stop paying into it if you want, but you won't be able to touch any of the money until you're at least 55, possibly older depending on your current age.
More info can be found by perusing the plan guide you got when you signed up or via this website:
http://www.zurich.co.uk/worksavings/library/" onclick="window.open(this.href);return false;
EDIT: Also bear in mind that by opting out you'll be declining the tax relief, RM contributions into your pension and any potential death in service payout would also be reduced.
Links to all RM pension related websites are here