How do I opt out of the Pension?

This process applies only for UK Private Pension schemes.

If you have been auto-enrolled into the Pension benefit within the last 30 days, you should have received a letter/e-mail confirming the steps you need to follow in order to opt out.

What should you do?

• Scenario 1:

If you received this letter/email from your employer or your Pension Provider, please follow the steps mentioned in the communication. If you require any additional guidance or support, please reach back to either your employer, or your Pension Provider.

• Scenario 2:

If you have received an e-mail notification from your benefits account administrators, log in to your benefits account and follow the steps mentioned in the e-mail or follow the guidelines below:

1. Go to the benefit selection page – should you need assistance with logging in to your account, please click here to contact the Helpdesk team for support.
2. Click on the bell-shaped button on the top right corner of the page and then click on the "Select Benefits" benefits button on the Pension Opt Out/"Select this window if you wish to opt our of your pension" benefit selection window.
3. Click "Opt Out" next to the pension benefit or click on the "Edit" button placed on the benefit tile and then tick the "Opt Out" field.
4. Read and agree to the "Opt Out agreement".
5. Continue with the Opt Out steps until the Pension benefit no longer appears "Active" on your account. An e-mail confirmation will be sent to your correspondence e-mail once the opt out process is completed.

Will you receive a refund?

If you have opted out of the Pension scheme within 30 days of being enrolled, you can expect to receive a refund of any contributions taken so far in the next available payroll period.

If you are unsure how this will be processed, approach your Payroll team.

Things to consider:

1. If you wish to opt out of the pension benefit but you are no longer within the 30 days time frame from the auto-enrolment, note that you can cease or reduce your contributions. However, you will not receive a refund of any previous contributions.
2. To cease or reduce your contributions, access your benefits account and read the information available on the Pension Benefit Information page, as well as on the other pension-related benefits, if applicable. You can find more details on how to access the Benefit Information pages here.
3. Every three years, there is a mandatory re-assessment for pension auto-enrolment. If you are not a member of the Pension scheme or have a reduced contribution, you will be auto-enrolled into the Pension if eligible.