Can I leave the Scheme while I am still working for the Company?
You can leave the Scheme while you are still working for ABF but, once you have opted out of the Defined Benefit (DB) section of the scheme, you are not able to re-join this section. There is no specific period of notice, but you must advise your HR or Payroll Department in writing if you wish to opt out.
If you decide to leave the Scheme then you will have the same options as if you had left the Company. You can find more information about these options here. You can also choose to take your pension whilst remaining employed by the Company, this is called flexible early retirement, click here to find out more information.
The Company has a statutory obligation to re-enrol you every three years. However, as the DB section of the Scheme is closed to new entrants, if you are re-enrolled after leaving the Scheme, you will join the Defined Contribution (DC) section. For more information about how the the DC section of the Scheme works, please click here.
If you decide to leave the DB Scheme, you will no longer be covered for the valuable death-in-service benefits and you will not build up any more pensionable service. You can read more about the death-in-service benefits under the DB section of the Scheme here. In order to have continuous death-in-service cover you would need to re-join the DC section immediately after flexibly retiring. If you choose not to re-join immediately, you would need to provide information on any pre-existing medical conditions, which may restrict this cover. You can find out more information about the DC medical declaration process here.