RPSM05204030 - Member Pages: Contributions and tax relief: Refunds of contributions: Contributions paid in error

I have put more contributions into my schemes than I planned. Can I receive a refund?

In certain circumstances, which are beyond your control, payments may have been deducted from your bank account or salary in the mistaken belief that you wished to make a contribution to a registered pension scheme. So if your request:

• that a direct debit or standing order mandate should be cancelled is not acted on by your bank or building society, or
• for a lower contribution rate to be deducted from your salary was not complied with, e.g. you asked for 5% of your salary to be deducted and treated as a contribution but your employer deducted 15%,

then we would have no objection to those contributions being returned to you.

In addition if after joining your pension scheme and paying a contribution, you cancel your membership within the ‘cooling off period’ specified by the appropriate Regulatory Body we would have no objection to these contributions being refunded to you.

However if you wish for a refund on the grounds that you realise that you may be liable to:

• an annual allowance charge (see RPSM06200070) or
• a lifetime allowance charge because of the increase in your funds value (see RPSM11201020), or
• lose any enhanced protection you may be entitled to (see RPSM03100040),

then a refund would not be appropriate.