What happens to my pension if I have been in my current job less than two years?

You will generally get a refund of your contributions but with two possible deductions:

• The tax relief you got on your contributions has to be repaid at a special rate of 20 per cent.
• If the scheme is contracted out, then you will also be bought back into the State Second Pension.

It's easy to treat this refund as a windfall, and you may need it to tide you over before you find your next job, but it's worth thinking about whether to transfer this money into a new pension - perhaps a stakeholder.