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Opt out of pension?
tru
Posts: 9,139 Forumite
My friend pays into a work pension, he wants to opt out (or stop paying for a few months - I can't remember which). He's been told he can't because it's illegal :eek: That's not right, is it?
Bulletproof
0
Comments
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If you opt out of a scheme, you may not be invited to join again or you may not get back in with the same beneficial terms that you had before (depending on the scheme).
There was some talk about making occupational pensions compulsary to join if available but that never came to anything in the end. Its still mentioned from time to time.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Up till the 1986 financial regulation act came in, companies were allowed to make membership of the company pension scheme a condition of employment, but after then it was stopped.Trying to keep it simple...
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Definitely not illegal - but if he only wants to opt out for a few months, he should check whether he will be allowed back in again (on the same terms) as the company won't be obliged to accept him.If I had a pound for every time I didn't play the lottery...0
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