Pension short service refunds
10 February 2015
In October 2014 the Department for Work and Pensions announced that short service refunds would be abolished from October 2015. This change has now come into force.
The Pensions Act 2014 (Commencement No.4) Order 2015 was made on Wednesday 4 February. This brings in to force various provisions of the Pensions Act 2014 and confirms that the Department for Work and Pensions (DWP) will be withdrawing the option for members to take Short Service Refunds after 30 days in the scheme, from 1st October 2015.
This will only affect new members of occupational Defined Contribution (DC) schemes.