Leaving the Scheme

Leaving the Scheme in the first 30 days

If you leave the Scheme within your first 30 days, then your contributions will be returned to you. This will either be done through your salary (if you are an Eligible Job Holder who opts out within the Opt Out Window) or as a refund from the Pension Scheme.

If you are eligible for a refund of your contributions, this will be processed automatically for you and paid into the same bank account as your salary.

Contribution returned through your salary

If you opt out of the Scheme and are eligible to have your contributions returned to you through your salary, your Payroll department will adjust your tax and you will be treated as if you had never been a member of the Scheme.

Leaving the Scheme after the first 30 days

If you leave the Scheme after 30 days then HMRC do not allow a refund of contributions and your Pension Account will become deferred in the Scheme. You can choose to leave your Pension Account invested in the Scheme until you wish to take retirement benefits, or you can transfer your Pension Account to another approved pension arrangement at any time.

Leaving your Pension Account invested in the Scheme

Once you have left the Scheme, you will no longer be covered for Death in Service benefits, however your fund will be paid as a lump sum to your loved ones in the event of your death, please click here for more information.

You will continue to have access to your online account and we will upload an annual benefit statement to this account each year. If you have previously registered with your work email, you should change this to another email address to keep access to your online account.

You can also still make changes to how your Pension Account is invested, although you won't be able to pay any more money into your Pension Account. It is important that you continue to review your chosen investments regularly to ensure that they are still appropriate for the age that you wish to retire. You can find more information on the investment options available by clicking here.

Transfer to another pension arrangement

You may ask the Scheme Administrator to make a cash transfer of the value of your Pension Account to another HMRC approved pension arrangement which is able and willing to accept it. The transfer must also meet the restrictions introduced by the Government in 2021. You can find out more information about the transfer process by clicking here.