If you decide that you don’t want to be a member of the Fund, you can opt out. What happens next will depend on:
- When you joined the Fund,
- How you joined the Fund, and
- Whether you were contractually or automatically enrolled.
If you were contractually enrolled and chose to join the Fund by returning a New Joiners Form to us, you have what is known as an opt out period of 30 days.
If you were automatically enrolled (because you didn’t join the Fund by returning a form to us) you have what is known as an opt-out period of one calendar month.
If you opt out within 30 days / one month
If you opt out within 30 days of the start of your opt-out period (or one month if you were automatically enrolled), you’ll receive a refund. Your refund will pay you back any contributions that you made to the Fund (minus any tax relief that you received on your contributions at your highest normal rate of tax).
If you don’t opt out within 30 days / one month
If we receive your Leave the Pension Fund Form after 30 days / one month you won’t be eligible for a refund and will become a deferred member of the Fund. This means that your money stays invested, but you will no longer be paying regular contributions.
If you want to join the Fund again in the future
If you opt out, you will be able to re-join the Fund again at any time by completing and returning a New Member Option Form to Nestlé Pensions.
If you opt out, we may have to re-enrol you in the future. See Will I be re-enrolled? for more information.
Before opting out, you might want to take independent financial advice. To find an independent financial adviser in your area, visit MoneyHelper.
How to opt out
If we receive your opt-out request before the payroll cut-off in your opt-out period, you will be treated as not having become a member of the Fund. You will receive a refund of your contributions in your pay, taxed at your normal tax rate and have no further contributions deducted.
If we receive your opt-out request after the payroll cut-off in your opt out period, you’ll carry on being a member of the Fund for a second month. We will deduct a second contribution and then remove you from the Fund in the next payroll run. You will receive a refund of both contributions in that payroll.
Payroll cut-off is normally on or around the 5th of each month – if the 5th falls at a weekend, the cut-off will be earlier.