Opting out while remaining employed by the Company

If you wish to opt out of the DB Section then you will need to contact the Administration Team or your local HR team.

If after opting out you die while in Service then a lump sum of four times your Final Pensionable Earnings at the date of your death, plus any AVCs you have paid, will become payable if you have not joined the DC Section. For members who join the DC Section, a separate benefit is payable under the DC Section. Any Spouse’s, Civil Partner’s or Eligible Children’s pension payable will be the same as those in respect of the death of a Deferred member.

Diagram illustrating lump sum calculation

If you do decide to opt out of the DB Section, you will not generally be permitted to rejoin the DB Section. You do have the option of joining the DC Section. Under Automatic Enrolment legislation the Company will be obliged to enrol and re-enrol you into the DC Section approximately every three years or may do so earlier should your circumstances change.

You do have the right to opt out of the DC Section as part of the Automatic Enrolment process. If you are considering opting out of the DB Section, you are advised to seek independent financial advice. If you do not have a financial adviser details of those near to you can be found at register.fca.org.uk.