Once an employee decides to opt out of their pension scheme, the responsibility for refunding the opt-out amount rests with the employer. Upon notification of an employee's decision to opt out, the employer is required to refund the employee on their next scheduled pay run.
To further clarify, employers have a one-month window from the point of being notified about the opt-out to issue the refund to the employee. This timeframe is important for ensuring compliance with regulations and maintaining efficiency in the refund process.
While Penfold does not impose specific deadlines for employers to provide the refund, we strive to process opt-out refunds as quickly as possible, contributing to a seamless experience for both employers and employees.
For additional information or guidance on the opt-out refund process, you can refer to the provided resources or reach out to Penfold's support team. We are happy to help!