Normally, the scheme administrator is not entitled to make a refund where the arrangement is valid (i.e. a legally binding contract exists) unless the conditions set out in RPSM05302010 have been met.
If an individual becomes dissatisfied with the service given by a scheme administrator and requests a full refund of contributions, there can be no question of the scheme administrator making a refund to the individual, if the arrangement is valid. A possible solution in such a case would be for the scheme administrator to offer the individual a transfer to a registered pension scheme of another provider.
In some circumstances an individual may decide that they no longer wish to take advantage of the tax reliefs available from being a member of a registered pension scheme but rather use their earnings to invest in, for example, the stock market or property. However the position here will be the same as above and it will not be possible for a refund of previous contributions to be made.
| Glossary ( RPSM20000000) |
