You can opt out of your workplace pension within one month of being enrolled. The steps you need to take depend on whether you're still within this one-month window.
How do I opt out?
When your employer enrols you into a Penfold pension, Penfold will send you a welcome email.
To opt out:
Look for an email with either the subject line "🎉 Your pension is ready!" or "⏳Your pension is waiting: confirm your details, {your name}". If you can't find it, check your junk or spam folder.
Once you find it, open it and scroll down to the section titled "How do I opt out of my workplace pension?"
Click "Complete this digital form" and follow the instructions to submit your opt-out request.
Please note: If you find your welcome email in your spam or junk folder, you'll need to move it to your inbox before you can click the "Complete this digital form" link.
Important: To be eligible for a refund of contributions already deducted from your pay, you must opt out within one month of being enrolled.
How long do I have to opt out?
You have one month from your enrolment date to opt out.
For example:
Enrolled: 7 August
Last day to opt out: 6 September
If you opt out within this period:
You'll stop contributing to your workplace pension.
You'll be eligible for a refund of contributions already deducted from your pay.
Your employer will process your refund.
What if my one-month opt-out window has passed?
Once your one-month opt-out window has passed, you can no longer opt out of that enrolment or receive a refund of contributions already made.
However, you can still stop future pension contributions.
To do this, contact your employer directly and ask them to stop your future contributions.
Important exception for Deel and JMK employees
If you're employed through Deel or JMK, please contact Penfold directly to stop your future contributions.
Before deciding to opt out or stop contributing, please make sure you understand the potential impact on your pension savings and any employer contributions you may receive.