UKAEA Pensions

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Refund of Contributions

If you have less than 2 years’ qualifying service you may choose to take a refund of the basic contributions you have made to the Scheme or you may request an estimate of the transfer value which could be paid to a new pension arrangement. The option to take a refund of contributions is only available if you have less than a total of two year's qualifying service in the scheme, including service transfered from another occupational pension scheme, and have not transfered in benefits from a Stakeholder or personal pension arrangement. If you choose to have a refund of contributions, the refund you receive will be your contributions (plus compound interest) less 20% tax deduction (because your initial contributions attracted tax relief).