Working as Contractor - Pension Contributions

[Ashwin2005]

I read from a web site that the contributions to the pension fund are deductable from tax. When these contributions will be returned to the contractor? Is there any minimum lock in period? In case we leave the country, will this be paid back to us?

[vin123]

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I read from a web site that the contributions to the pension fund are deductable from tax.

You mean your employers pension fund ?
Yes, in general your contributions will get tax relief and same is applicable for the pension fund' growth. But soon they are planning to bring some 'cappings'. I think its been proposed that to start this financial year from April 2006.

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 When these contributions will be returned to the contractor? Is there any minimum lock in period? In case we leave the country, will this be paid back to us?

There is lock periods. Nature of such long term investment and the type of contributory pensions vary widely. You will have to find out more about "breaking away" from your employer' pension provider advisor person. Most likely, it will not work in your favour.

You can get a lot of information from www.pensions.gov.uk