Refunds

Under the regulations an entitlement to a refund of your contributions exists if you have less than 3 months membership and none of the following apply:

i. You are transferring to other local authority employment in which you will again become eligible to join the LGPS within one month and one day of your last day of service

ii. You have brought a transfer value into the LGPS from another pension arrangement or a pension scheme other than the LGPS

iii. You have left employment with less than 3 months membership of the Berkshire Pension Fund but you have Local Government Pension rights anywhere else in England & Wales

iv. You have become entitled to the immediate payment of benefits upon leaving your current employment

A refund of contributions is equal to the standard gross employee contributions plus any additional contributions that you may have paid. It does not include employer contributions. The amount refunded will be reduced by statutory deductions. The Certified Amount represents your share of the Contributions Equivalent Premium. This is the amount of National Insurance contributions that you would have paid had you not been a member of the LGPS. This amount will be paid over to HM Revenue & Customs in order to restore your pension rights in the State Second Pension (formerly known as the State Earnings Related Pension Scheme or SERPS).

Tax will also be deducted at the rate of 20%. This deduction has to be made irrespective of whether you received tax relief on your contributions. The tax deducted is not reclaimable from the Tax Office even if you do not earn enough to pay tax.

Please note that at least one month and two days must elapse after your last day of service before an application for a refund of contributions can be signed and submitted. An application received within this time limit will be returned to you.

IMPORTANT: By claiming a refund of contributions neither you, your spouse, nominated co-habiting partner, civil partner or dependants will have any further claim to benefits payable by the Royal County of Berkshire Pension Fund or any other LGPS pension rights in England and Wales.