Abolition of DC short service refunds: action required
Mayer Brown Legal Update
Currently, a member of a DC occupational pension scheme who leaves the scheme within two years is entitled to a refund of their contributions to the scheme. From 1 October 2015, this will change, and new joiners to DC schemes will be allowed to take a contribution refund only if they leave the scheme within 30 days. This legislative change may raise a number of issues for DC schemes.