Your Employer is obliged to automatically enrol 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 month of being put into the pension scheme, you can opt out, which means you ought to have received a welcome email directly from Penfold. You do this by completing the 'opt-out' form we include in 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, your employer will refund them to you within 30 days of your opting out. Penfold then has 90 days to process the refund for your employer.
Secondly, after the one-month period, you can ask your Employer to stop making pension contributions on your behalf. As with the opt-out, this means you will no longer receive any pension contributions from your Employer. Unlike the opt-out within one month, any contributions already made on your behalf will not be refunded. These will remain in your Penfold pension.
Deel and JMK Employees, if you have exceeded the one-month opt-out window, please contact our support team.
You can ask your Employer to rejoin the workplace pension at any time. They are only obliged to act on a request to rejoin once every 12 months, although they may, at their discretion, 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.