Opting out

Membership of the Scheme is not a condition of employment and you can opt out of the Scheme whenever you wish. There is no specific period of notice, but you must advise your HR or Payroll Department in writing if you wish to 'opt out'. The Company may have a statutory obligation to re-enrol you from time to time. However, as the DB section of the Scheme is closed to new entrants, you would join the DC section.

If you do opt out, you will no longer be covered for the valuable death-in-service benefits and you will not be building up any more pensionable service.  You will have the same entitlements as if you had left ABF employment (i.e. a deferred pension, payable at your Normal Retirement Date). The deferred pension is calculated using the same formula as at Normal Retirement Date, but is based on your final Pensionable Earnings and service to the date of you opting-out.

The State Pension adjustment is calculated by reference to your pensionable service and the single person's basic State pension in the year of your withdrawal. Please remember, if you opt out of the Scheme your life cover will cease and you cannot rejoin the DB Section. If you wish to re-join, you can apply to join the DC section. You will have to complete a medical questionnaire and your membership may be subject to special conditions.

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