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 re-join 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 Aptia to request an opt-out form. Aptia will send you an opt-out form within ten working days.

  3. 3.

    You complete the form and return it to My People Services; you must give a minimum of one full month’s notice.

  4. 4.

    Cadent will cease deducting contributions and confirm the opt out month to Mercer via the monthly interface file that Cadent provides to Mercer, who will then opt you out of the Scheme.

  5. 5.

    You are now a deferred member. Please note, if you opt out, you cannot receive payment of your pension from the Scheme until you have left the Company. To access your benefits while still an employee, you’ll need to transfer out first.

  6. 6.

    If you do wish to join MyPension, you will need to contact Cadent (MyPeopleServices - 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). 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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