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Opting out

You can opt out of the Scheme at any time during your employment. However, because the Scheme is closed to new joiners, if you do decide to opt out, you will not be able to rejoin the Scheme in the future. Instead, you could choose to join MyPension, Cadent’s defined contribution arrangement.

It’s important to understand what you are potentially giving up by opting out of the Scheme. Visit My Retirement Planner to understand more about your Scheme benefits and options.

The process

  1. 1.

    Visit My Retirement Planner to understand all your options.

  2. 2.

    Contact us

  3. 3.

    UK Pensions Operations will send you an opt-out form within five working days.

  4. 4.

    You confirm if you wish to go ahead, and must give a minimum of a full month’s notice.

  5. 5.

    UK Pensions Operations will opt you out of the Scheme on the last day of the month.

  6. 6.

    We update HR.

  7. 7.

    You are now a deferred member. To access your benefits while still an employee, you’ll need to transfer out first.

  8. 8.

    If you do wish to join MyPension, you will need to contact Cadent and request to do so.

At retirement, you will receive a pension from the Scheme. If you continue to work for the Company, in line with Government rules, you may be automatically enrolled into MyPension at a later date (up to three years from opting out). We strongly recommend that you take independent financial advice before transferring any benefits.

If you are still working for Cadent after three years of opting out, under Government rules, you’ll be automatically re-enrolled into the Company's defined contribution arrangement.

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