Standard Life warns of personal accounts loophole

The provider says the rules for occupational schemes allow trustees to refund member contributions if they have sat in the scheme for three months or less while the employer receives a refund of their contributions. After the member has sat in the scheme for three months or more, but less than two years, the trustee must offer a transfer value. This must include the value of the member's contributions, employer’s contribution, investment return and effect of charges, and a refund of the member's contributions. The employer receives a refund of his contribution if the former member ta...