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What happens when I leave the Scheme? What happens if I leave my employer?
The options available depend how long you have been a member of the Scheme and when you joined the scheme.
If you joined before 1 October 2015 and you have:
Less than three months' service - you will receive a refund* of the value of your own contributions less tax.
More than three months' and less than two years' service - you can receive a refund* of the value of your own contributions less tax or transfer the value of the whole fund to another registered pension arrangement. The transfer option lapses three months after leaving the Scheme and a refund will be paid automatically.
Two or more years' service - your fund will remain in the Scheme and continue to be invested until you retire or decide to transfer the value of the whole fund to another registered pension provider.
If you joined from 1 October 2015 and you have:
Less than 30 days' service - you will receive a refund* of the value of your own contributions less tax.
More than 30 days' service - your fund will remain in the Scheme and continue to be invested until you retire or decide to transfer the value of the whole fund to another registered pension provider.
You can leave the Scheme at any time by giving notice to your employer.
* A refund is not available if you have more than two years' pensionable service in TPT Retirement Solutions in total, including previous pensionable service in CARE or another scheme at TPT Retirement Solutions, and/or transferred-in benefits from another scheme. A refund is also not available if a transfer value has been received for you from a Personal Pension or a Stakeholder Pension Plan. Please note if you have been in a salary sacrifice arrangement, there will be no refund payable as no member contributions have been paid. (The employer pays over the total value of the contributions due).
For Automatic Enrolment (AE) please note:
If you opt out of the Scheme within 30 days, after your employer has automatically enrolled you then you are treated as though you never joined. Any contributions deducted from your pay will be returned to you by your employer subject to the relevant tax and National Insurance deductions.
If you continue to be employed, your employer will be required to re-enrol you into the Scheme upon the third anniversary of your employer's staging date. If you are re-enrolled then you will have the option to opt out again.
Employees who opt out of an AE scheme or voluntarily cease active membership of a qualifying scheme have a statutory right to opt back in to a qualifying scheme after 12 months. Please also note that the employer may allow them to opt in before 12 months but this is discretionary.
What are Additional Voluntary Contributions (AVCs)?
Additional Voluntary Contributions are extra pension contributions that you can make to boost your pension savings. Please note that you can only pay AVCs to an arrangement that your employer has set up for their employees to pay into.
Your AVCs could be invested in one of TPT Retirement Solutions' defined contribution (DC) funds:
- The Growth Plan Series 4
- Ethical Fund
- Flexible Retirement Plan
- SHAPS Defined Contribution (DC) (only available to SHAPS employees)
- SHPS Defined Contribution (DC) (only available to SHPS employees)
- ISPS Defined Contribution (DC) (only available to ISPS employees)
- Genesis Housing Association Defined Contribution (DC)
If you would like more information on the funds please see the respective Member Guide for your Defined Contribution scheme.
Alternatively, you may pay AVCs privately as Free Standing AVCs (FSAVCs) to another pension provider.
I am interested in paying Additional Voluntary Contributions (AVCs), what do I do?
If you would like more information on the funds, see the relevant Member Guide for your Defined Contribution pension scheme.
You can pay Additional Voluntary Contributions by calling us on 0345 072 6780 for an application form. Alternatively you can download an AVC Application Form for the scheme that you are in from our website, complete it and then hand it to your payroll department to complete the employer sections of the form. Your employer will then pass the completed form to us. You will receive confirmation from us once your form has been processed.