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Automatic enrolment

Opting out

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.

To opt out in the month that you are automatically enrolled

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.

To opt out after the first month you are automatically enrolled

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.

Can I opt out before I am automatically enrolled?

No, this is not allowed under the legal requirements which the Co-op must meet.

Making the right decision

You should think carefully before opting out of Pace DC. If you opt out:

  • You will stop building up funds for your retirement and will also miss out on valuable contributions from the Co-op.
  • You will lose entitlement to any additional death in service lump sum provided by Pace and would only be entitled to a lump sum of 1 x salary.
  • If you have any benefits in one of the former final salary schemes built up before April 2006 or you transferred benefits into Pace in April 2015 from one of the Co-op's closed schemes you may have benefits that are linked to your final pensionable salary. This link will be broken if you opt out of Pace DC.

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.