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The Superannuation Arrangements of the University of London |
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Deferred Members ► Refunding contributions If you have less than two years’ service in SAUL when you leave, you may be able to receive a refund of your contributions less tax (with interest). The Trustee must also deduct from the refund the National Insurance contributions that you were spared while contributing to SAUL. This will put you back in the State Second pensions (S2P) – effectively placing you where you would have been if you had not joined SAUL in the first place. |
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How do I get my contributions back? If you leave the Scheme within two years, SAUL Trustee Company will write to you with a statement of your deferred benefits. If you are eligible you can request a refund by completing the form that comes with your statement. If you participate in a salary sacrifice arrangement for pension contributions your entitlement to a refund is different - please see below for more information. Restrictions on refunds because of salary sacrifice If you have participated in a salary sacrifice arrangement for all of your SAUL service you cannot receive a refund of contributions made on your behalf by your employer. You will however retain pension benefits in the Scheme which you can transfer to another pension arrangement or defer until you wish to retire. If you have less than two years’ service in SAUL, and have participated in salary sacrifice for part of this time, you may receive a refund of the contributions you paid less tax (with interest) and deductions for the National Insurance contributions you were spared whilst contributing. However, you will not retain any pension benefits relating to the period you participated in salary sacrifice arrangements and the employer made contributions on your behalf. You still have the option to retain all your benefits in the scheme which you can transfer to another pension arrangement or defer until you wish to retire. |
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