A guide on opting out of the workplace pension via NOW: Pensions after your first pension payment.
It is a legal requirement for all employers to operate workplace pension and automatically enrol eligible employees into the scheme. We are not able to opt you out in advance of your expected enrolment date or before your first deduction.
For all that are eligible, the workplace pension scheme will apply from your 12th week (or 3rd month - depending on your pay frequency) of employment. This happens regardless of any private pension arrangement.
To opt-out you will have to be put into the scheme first, so this means you will be enrolled automatically and cannot stop the first deduction. Shortly afterwards you will receive an email from NOW Pensions titled “Enrolment Notice”.
Keep an eye out for it as it will contain a link to your pension account and a date by which you will have had to complete the opt out process to receive a refund of your contributions.
Timeline for the initial email:
If you are paid weekly, the email from NOW Pensions will follow around a week after the first deduction. If you are paid monthly, this will follow around the 10th of the following month.
From the day you receive this email you have 30 days to opt out and receive a refund for these contributions, this will cease your enrolment as if you were never part of the scheme. This email will come directly from NOW Pensions, rather than Nasa.
If you miss the deadline, the contributions cannot be refunded and they will stay in the scheme to be invested until you retire, take your benefits or transfer them out to another pension provider. You can still opt out after the 30 day window if you wish and deductions via your payroll will cease from that point.
💡In summary:
- Once enrolled, an email will automatically come out to you usually within 7 days of the first deduction (if paid weekly).
- This contains information about how to track your scheme online, or to opt out.
- If you chose to opt out within 30 days of the enrolment email from NOW Pensions, contributions to date will be refunded via your Nasa payroll.
- If you miss the 30 day deadline, the funds are still yours, but will either stay in the scheme or can be transferred to another provider of your choice.
If you have any questions please contact payroll@nasagroup.co.uk.