You will need to complete and sign an ‘opting out form’ which can be obtained from the Pensions Department. Alternatively you can download the form here.

You can opt out of the Scheme from the 1st of any calendar month, providing your completed form is received by the Pensions Department before this date.

This will depend on how long you have been a member of the Scheme. As an opted out member you are treated as a Pension Scheme leaver in the same way as someone who is leaving the employment of the OUP.  Please select the relevant link below which will take you to the 'Leaving the Press' section:

Group Scheme member for 3 months or less

Group Scheme member for more than 3 months but less than 2 years

Group Scheme member for 2 or more years

Your Life Cover will reduce, as a result of opting out, to once times Pensionable Salary.

No. The Pension Contribution figure quoted at the top of your payslip is a ‘gross’ figure.  Your pension contributions are deducted from your gross pay before your tax code is applied. This means you get automatic tax relief. You also pay a lower contracted-out rate of National Insurance.

When you ‘opt out’ you will no longer receive this tax relief and the lower, contracted out, rate of National Insurance will cease.

Therefore, if your reason for opting out is a financial decision, you may wish to contact the Payroll Department and ask how your net pay would be affected if you stopped making pension contributions. The saving may not be as much as you had anticipated and so may affect your decision to opt out.

No. If you elect to opt out of the Group Pension Scheme your decision is irrevocable. You could, however, join the Stakeholder Scheme if you wished to.