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Deferred
Retired
CouncillorsIf you want to opt out of the scheme, It's something you should think about very carefully - because your pension scheme is one of the best in the country providing a wide range of benefits covering many situations that life can bring. Here are some of the key points you need to think about:
As a member of the scheme, if you die, your loved ones will get a payment of 3 times your annual pay. And if you leave a spouse or any children under age 17 they will get a pension on your death too.
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As a member, you'll build up a good level of pension income for your retirement.
The contributions you pay are relatively small, and your employer pays into the pension fund too. On average, over time, your employer pays in twice the amount you pay.
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If you pay tax you'll pay more tax if you opt out. And you'll pay more National Insurance if you opt out. In fact, if you opt out of the scheme you will effectively be opting for a substantial pay cut. It might not be pay you get now, but it's definitely there - for your future.
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To be eligible for a refund of your contributions you need to opt out of the pension scheme within 3 months of joining and not been in the pension scheme before.
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