If you don’t want to save for your retirement in Pace DC, you can opt out straight away. It’s possible that you will not have any contributions deducted from your pay.
Legal & General will send you an enrolment pack including details of how to opt out. If you’ve lost this pack please call Legal & General’s opt out helpline on 0345 026 8982.
Follow the instructions in your enrolment pack you received from Legal & General. Any contributions that have already been taken from your earnings will be refunded to you (less tax) at the next available pay date.
You should complete the ‘Leave Pace DC’ form. You will have different options depending on how long you have been a member of Pace. For more information go to I want to leave Pace DC.
If you opt out and keep working for the Co-op, you will be enrolled back into Pace DC approximately every three years if you meet the government’s automatic enrolment criteria. If this happens, you can opt out again, if you want to.
No, this is not allowed under the legal requirements which the Co-op must meet.
You should think carefully before opting out of Pace DC. If you opt out:
You can also get information about automatic enrolment and workplace pensions from the government website www.gov.uk/workplacepensions
You need your Legal & General pack to opt out, if you’ve lost your pack call Legal & General on 0345 026 8982.