You can choose to opt out of active membership of any of the Schedules of the Scheme by giving notice to the Trustees. You should think carefully before making this decision as you would be giving up valuable benefits. Sometimes a member wishes to opt out for financial reasons. You should remember that the "contributions" you see on your payslip are gross and the difference to your net pay will be less as you get tax relief. If you participate in Smart Pensions you also get National Insurance relief.
If you do decide to opt out of the Scheme the following points should be noted:
- you will no longer be covered for life assurance
- you will become entitled to the same benefits as though you had left service.
- you will no longer build up a future pension or benefit from employer contributions to your account
- if you are a member of Schedule 1, 2 or 3 you will only be able to join the Airbus UK Retirement Plan if you opt in again at a later date.
If you do opt out, under new laws, we will re-enrol you into the Airbus UK Retirement Plan every three years. You can find out more about this under the Automatic Enrolment section of the website.
If you are a member of Schedule 1, 2 or 3 and wish to opt out, please contact the Scheme administrator Towers Watson and ask for a form on 01707 607618.
If you are a member of the Airbus Group UK Retirement Plan, please email email@example.com for information on how to cease membership.