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Members need to be enrolled before they can opt out

Thursday, August 17, 2017

If your employer has chosen Welplan to provide your pension scheme, they may provide you with one of our Introductory Guides. This is then followed by a welcome letter and a Key Features document, from Welplan Pensions. 

You are not enrolled in the pension scheme until you receive your welcome letter from us. 

Some scheme members might choose to opt out of the pension scheme, which you can do by completing an opt-out form (available from Welplan Pensions on request). But please note, under auto enrolment legislation, you cannot opt out until you have been enrolled (i.e. after you receive your welcome letter). We would always encourage you to seek independent financial advice before you make any decision regarding your pension, as opting out means you will lose your employer's contribution, as well as any tax relief on your own contributions. 

Please don't complete an opt-out form before you receive your welcome letter, as we cannot process them. 

The Pensions Regulator has also recently stated that, if employers allow staff to opt-out before being enrolled, they are not complying with their duties in the correct way. Employers risk being fined if they appear to be making the opt-out decision on behalf of their employees. 

For more information, employers can check The Pensions Regulator's duties checker