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Refund of contributions

If you leave with less than three months’ pensionable service:

We will automatically refund the contributions you paid to the scheme, less deductions (see note below).

If you leave with more than three months but less than two years’ pensionable service:

You will be able to choose from one of the following options:

If you do not complete the transfer within three months, we will automatically refund the contributions you paid to the scheme, less deductions (see note below).

Note: We will deduct the cost of reinstating your benefits in the State Second Pension from your refund.  This is because you made a saving from paying lower National Insurance contributions when you were a member of the scheme. Once we have made this deduction, the remainder is taxed at 20% and the balance is returned to you.