Am I entitled to a refund?
If you’ve requested to opt out of your workplace pension scheme within 1 calendar month of being enrolled, you’ll be entitled to a refund of your contributions.
If you request to cease active membership after this time, you won’t be entitled to a refund. Any contributions that you and your employer have paid into your pension pot will remain invested in The People’s Pension until you decide to access your benefits; or you can transfer your savings to another provider. Under HM Revenue & Customs rules, the earliest you can currently access your pot is age 55 (57 from 2028).
How will I receive my refund?
After we receive your opt-out request, we let your employer know the date they should stop taking pension contributions from you. As they’re responsible for deducting these directly from your salary, it’s also their responsibility to stop taking contributions from you.
It’ll usually take your employer around 3-6 weeks to process your refund. This is a refund of your own contributions and doesn’t include tax relief or contributions from your employer.
Find out more about how your employer refunds you.
Please speak to your employer directly to see when they’ll action your request and issue you with a refund.