1. An employee stopping contributions to the Scheme within one month (opting out)
If an employee asks to stop contributing to the Scheme within the first calendar month of being enrolled, they’ll opt out of the Scheme and you must refund their contributions. After that date, you can’t refund their contributions. Employees will receive an enrolment notice saying they’re a member of the Scheme and they’ll be given a deadline to opt out. They can’t opt out until they get this notice.
2. An employee stopping contributions after one month
After one calendar month has passed employees can still stop making contributions – ‘cease active membership’. It works in a similar way to opting out, but after the one-month opt-out window has expired, employees won’t get back any money they’ve put into the Scheme. Their pension savings will be invested in one of our two funds until they retire. But, they can also transfer these savings to another provider of their choice.