Your Employer is obliged to automatically enroll all eligible employees into a workplace pension. If you do not want to take part in your workplace pension there are a couple of options available to you.
Firstly, within one calendar month of being put into the pension scheme you can opt out. You do this by completing an 'opt-out' form that we provide to you as part of your welcome email. Once you've opted out your Employer will not make any pension contributions on your behalf. If any contributions have already been deducted from your payslips, these will be refunded to you by your employer within 30 days of opting out. Penfold then has 90 days to process the refund for your employer.
Secondly, after the one calendar month period you can ask your Employer to stop making pension contributions on your behalf. As with the opt-out, this will mean that you will no longer get any pension contributions paid by your Employer. Unlike the opt-out, any contributions that have already been made on your behalf will not be refunded. These will remain in your Penfold pension.
You can ask your Employer to rejoin the workplace pension at any time. They are only obliged to action a request to rejoin once every 12 months, although they may, at their discretion, decide to do so sooner or more often.
Please make sure that you're aware of the consequences of opting out or leaving your workplace pension scheme before you choose to do so.