Stopping saving in the Fund (opting out)

You can stop building up pension in the Fund at any time. To do this you must complete an opt-out form.

If you choose to stop saving

If you have stopped building up pension in the DB Career Average Plan before you will not be able to rejoin if you stop a second time. So before you make that decision, it’s important to get advice.


Get advice

If you are currently building up pension in the DB Career Average Plan

If you have been building up pension in the Fund non-stop since before 1 January 2008 you will have Final Salary pension - and this pension is still linked to your current pensionable earnings. When you stop building up pension in the DB Career Average Plan this link to your current earnings will stop. You can find out more information about how your Final Salary pension increases here.

When you stop building up pension in the DB Career Average Plan any pension savings you made to the DC Investing Plan from your Benefits Envelope will stop.

If you are making extra voluntary contributions (EVCs) these will stop too. You cannot make EVCs if you are not using your Benefits Envelope to save for pension.

Once you’ve opted out you can:

  • Take all of your Benefits Envelope as extra taxable pay
  • Pay some or all of your Benefits Envelope into the DC Investing Plan

You must wait a month before you start saving into the DC Investing Plan.

Get advice before you opt out

You might not be able to re-join the DB Career Average Plan and might lose other important benefits if you have any Final Salary Pension.

Get advice

If you are currently saving into the DC Investing Plan

If you are making extra voluntary contributions (EVCs), these will stop too. You must be saving for pension before you can make extra voluntary contributions (EVCs).

Once you’ve opted out you can take all of your Benefits Envelope as extra taxable pay.

You will have to wait a month until you can start saving into the DC Investing Plan again.

To start saving for pension again in the future

  • Submit your choices in the next Annual Renewal
  • If you would like to start saving into the DC Investing Plan before the next Annual Renewal complete an opt-in form

We might re-enrol you in the future

If you opt out of the DC Investing Plan, and you aren’t building up pension in the DB Career Average Plan either, you will be automatically re-enrolled back into the DC Investing Plan within 3 years. This is the law. When this happens you can opt out again if you want to.

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