Opting out with less than two years’ membership
If you have been a member for three months or more, but you have not met the two year vesting period, you will have different options:
- You can take a refund of the contributions you have paid. 20% tax will be taken from your contribution refund.
- You can transfer your pension to another qualifying pension scheme. You may have a limited time in which you can elect to transfer. Contact your pension fund to find out about any time limits that will apply.
- If you were in the Scheme before 1 April 2014, you can choose to have deferred benefits in the LGPS.
You will not be able to take a refund of contributions if you opt out after being a member for more than three months if you already have a deferred LGPS pension or an LGPS pension in payment. You will be treated the same as a member who opts out after being a member for more than two years – see the next section.