Currently, members of occupational pension schemes with less than two years’ qualifying service can leave and opt for a refund of their own contributions. This is known as a “short service refund”.
Legislation taking effect on 1 October 2015 will prevent trust-based money purchase or defined contribution (DC) schemes giving a short service refund to a new joiner on and from that date unless he leaves pensionable service (that is, membership of the scheme) within the first 30 days of membership.
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