{"id":453315,"date":"2022-07-12T17:22:38","date_gmt":"2022-07-12T16:22:38","guid":{"rendered":"https:\/\/www.finder.com\/uk\/?p=453315"},"modified":"2026-01-29T08:27:00","modified_gmt":"2026-01-29T08:27:00","slug":"can-i-get-my-pension-contributions-back","status":"publish","type":"post","link":"https:\/\/www.finder.com\/uk\/pensions\/can-i-get-my-pension-contributions-back","title":{"rendered":"Can I get my pension contributions back?"},"content":{"rendered":"

Money that you pay into a pension is yours for life, though in most cases you won\u2019t be able to take money out of the scheme until you reach the default pension access age. This is currently age 55. It\u2019s due to rise to 57 from 2028. However, if you change your mind quickly about being part of a pension scheme, you may be able to leave and get a refund of the contributions you\u2019ve paid in to date. You\u2019ll rarely have more than 2 years to do this, though, and in some cases may need to cancel or opt out within 30 days. Here\u2019s what you need to know.<\/p>

Can I get my pension contributions back if I need to?<\/h3>

In some cases, yes, you can claim back your own contributions to the pension scheme. But it depends on the type of pension and how long you\u2019ve been contributing to the scheme.<\/p>

Does getting a pension refund depend on the type of pension?<\/h3>

Yes. If you have a salary sacrifice workplace pension, you can\u2019t claim back any pension contributions. That\u2019s because payments into a salary sacrifice scheme are classed as employer contributions rather than personal contributions.<\/p>

For most other types of workplace or personal pension, you may be able to get a refund. The timescale you have for claiming may vary depending on the type of pension.<\/p>

When can I get a refund of my pension contributions?<\/h3>

When you are eligible to request a refund of your pension contributions depends on the type of pension. In many cases you\u2019ll only be able to claim a refund within 30 days of joining the scheme, though some pensions allow you up to 2 years.<\/p>

Additionally, if you contribute more to your pension than your earnings in a tax year, you may be able to get a refund of the excess.<\/p>

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Our expert says: What are the downsides of getting a refund of my pension contributions?<\/div>\n
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\"If money is tight, you may feel you have no choice but to opt out of your pension scheme and get a refund of your contributions. You might particularly feel this way if you\u2019re in your 20s or 30s and retirement seems a long way off. But it\u2019s a step that\u2019s worth thinking twice about, as it comes with some significant downsides.<\/p>

Firstly, you won\u2019t have any pension savings from the period for which you\u2019ve requested a refund (and any subsequent period during which you don\u2019t pay into a pension). The longer you save for a pension, the more time your savings will have to grow, and the more money you\u2019ll have to live on in retirement.<\/p>

Secondly, pension contributions benefit from tax relief. This means you don\u2019t pay tax on money you contribute to a pension scheme (up to an annual maximum). If you get a refund of your contributions, you\u2019ll lose this tax benefit.<\/p>

Finally, if you pay into a workplace pension, your employer has to boost your pot with its own contributions. The exact amount that an employer pays may vary by scheme. But under standard pension auto-enrolment rules, you pay 5% of your salary and your employer adds an extra 3% \u2013 so \u00a3750 a year on a \u00a325,000 salary, for example. That\u2019s not to be sniffed at. If you get a pension refund, you\u2019ll lose your employer\u2019s contributions.<\/p>

If you do decide to leave your scheme and get a refund because of short-term cash flow issues, consider opting back in as soon as you can. The benefits of pensions, and workplace pensions in particular, make them one of the best ways to ensure you have enough income to enjoy your retirement.\"<\/p>\n\n <\/div>\n <\/div>\n\n

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\n \n Zoe Stabler DipFA\n <\/a>\n
Senior writer<\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n<\/div>\n

How can I get my personal pension contributions refunded?<\/h3>

If you\u2019ve set up a pension independent of your employer, known as a \u201cpersonal\u201d or \u201cprivate\u201d pension<\/a>, you can cancel under the scheme\u2019s automatic 30-day cooling off period. This entitles you to a full refund of the contributions you have made during that period, taking account of any investment gain or loss. The amount you\u2019re refunded won\u2019t include any tax relief<\/a> that was applied to your contributions.<\/p>

Some personal pension schemes may give you a contractual right to cancel and receive a refund after 30 days. You\u2019ll need to check with the pension provider if this applies. If not, the money in the scheme will remain invested until you are eligible to take income from it (from age 55). If you\u2019re not happy with the pension provider, you can transfer your pot<\/a> to another pension scheme.<\/p>

How can I get my SIPP contributions refunded?<\/h3>

SIPPs (self-invested personal pensions) are a type of personal pension. You have an automatic 30-day cooling off period in the same way as you do for any personal pension scheme. If you cancel before this point, you get your contributions back as explained above. After 30 days, whether or not you can get your contributions back depends on the specific scheme, so you\u2019ll need to check what contract terms apply.<\/p>

How can I get my defined contribution workplace pension contributions refunded?<\/h3>

If you\u2019ve been auto-enrolled<\/a> into your employer\u2019s defined contribution<\/a> workplace pension, you can opt out within a month of your employer adding you to the scheme by contacting your pension provider. You can get back any money that you\u2019ve already paid by asking for a short service refund. You won\u2019t get any contributions made by your employer, though. Money refunded is taxed (at 20% on the first \u00a320,000). The money is usually paid to your employer in the first instance. It will then pay you the refund you\u2019re entitled to.<\/p>

After 30 days, while you can opt out of making further payments into the scheme, you usually can\u2019t get a refund of contributions. There may be some exceptions, depending on the scheme. The money will remain invested until you are eligible to take income from it (from age 55). If you\u2019re not happy with the pension provider, you can transfer your pot<\/a> to another pension scheme.<\/p>

If you are a member of a defined contribution workplace pension that you proactively joined (rather than being auto-enrolled), the rules may be different. Ask your employer about your options.<\/p>

How can I get my defined benefit workplace pension contributions refunded?<\/h3>

If you\u2019re enrolled in your employer\u2019s defined benefit pension<\/a>, such as a final salary or career average pension, you may able to get a refund of your contributions if you\u2019ve been a member for less than 2 years. This may depend on the terms of the specific scheme, though, so if you think there\u2019s a chance you might need to get your money back it\u2019s worth checking at the outset.<\/p>

As with defined benefit workplace pensions, you\u2019ll be taxed on your contribution refunds (20% on the first \u00a320,000). Plus, your refund won\u2019t include any contributions that your employer has made.<\/p>

Do I lose my employer\u2019s contributions if I get a refund of my workplace pension?<\/h3>

Yes. This is one of the major downsides of getting your workplace pension contributions refunded. To get a refund of your contributions, you\u2019ll need to leave your employer\u2019s scheme entirely. While you\u2019ll get your personal contributions back (minus the tax relief you originally benefited from on these contributions), your employer will get the refund of the contributions that it has made.<\/p>

You can usually opt back in to your employer\u2019s scheme at any time. Even if you don\u2019t, you\u2019ll be automatically re-enrolled after a maximum of 3 years. But you\u2019ll have missed out on employer contributions to your pension while you were opted out. That\u2019s effectively giving up \u201cfree\u201d money that you\u2019d have otherwise had to boost your retirement income.<\/p>

Can I get a refund if I\u2019ve contributed too much to my pension?<\/h3>

You can only receive tax relief on pension contributions up to the level of your taxable UK earnings (or \u00a33,600, if this is lower). If you have made personal contributions in excess of 100% of relevant UK earnings for income tax purposes, you may be able to get a refund of this excess. This is known as a \u201crefund of excess contributions lump sum\u201d.<\/p>

While most people are unlikely to pay more into their pension in a given year than their taxable earnings in that year, there may be the odd occasion where it happens. For example, you might receive an inheritance and choose to pay some of it into your pension, Or, a parent or partner might make contributions to your pension on your behalf.<\/p>

This type of refund isn\u2019t subject to the time restrictions that usually apply to pension contribution refunds.<\/p>

Here\u2019s an example of how this might work.<\/p>