Can I opt out?

Opting Out

Before opting out we strongly suggest that you view our benefits of being a member area as well as our 'look before you leap' leaflet, to ensure that you have an appreciation of the benefits you will be giving up.

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You should also consider the 50/50 option whereby you can remain in the pension scheme but pay a contribution rate at half your current rate. View the contribution flexibility area for more information.

We also advise that you seek independent financial advice if you are in anyway unsure.

If you decide you no longer wish to participate in the scheme you can opt out using the opt out form. Once completed, please return this to your employer.

Please note that if you opt out of membership of the scheme and then subsequently rejoin the Local Government Pension Scheme (LGPS) you will not be permitted to join the two periods of membership together and, instead, you will have two separate sets of pension benefits in the scheme.

You will only be entitled to receive a refund of your contributions if you opt out or leave employment with less than 2 years membership in the scheme and:

  • You do not have any deferred benefits 
  • You are not in receipt of a pension from the LGPS
  • You have not transferred benefits into the scheme from a scheme which does not allow contributions to be refunded
  • You are not leaving the scheme within the last tax year before reaching your state pension age

You will not receive a refund of employer's contributions, these will be refunded to your employer. Your refund will be based solely on the amount you have contributed (less any statutory deductions).

Tax will also be deducted at the rate of 20%. This deduction has to be made irrespective of whether you received tax relief on your contributions. The tax deducted is not reclaimable from the Tax Office even if you do not earn enough to pay tax.

If you have been a member of the scheme for 3 months or more you also have the option to transfer your pension benefits to another qualifying pension scheme. Any application to transfer out must be made no later than one year before your normal pension age.

If you wish to consider a transfer, you will need to arrange for your new Pension Administrator to contact the Cornwall Pension Fund team direct, to obtain your current transfer details.

If you have more than 2 years membership in the scheme, you will be entitled to preserved benefits. Please see our preserved members area for more information.

If you choose to opt out now, you can submit a request to your employer to rejoin at any time using the election form.

Our Jargon Buster may help with pensions terminology.