We have a legal duty to enrol you into the Telefónica UK Pension Plan, however if you decide you don’t want to stay in the Plan and you would prefer not to benefit from free employer contributions and the associated tax advantages then you will have 30 days to opt-out. After you've been auto-enrolled you will receive further communications about the opt-out process from our Administrators, Standard Life. Any contributions are then refunded and you will be treated as if you had never became a member of the Plan.
You will be able to opt-out via Standards Life's automated helpline or website. Full details of how to opt-out along with your membership number will be provided within your Standard Life membership letter. You cannot opt-out in advance of being auto-enroled.
Please note, if you decide to opt-out of the Plan you will become a ‘life assurance only member’, this means you won't be making any contributions or building up any future pension savings for your retirement. You're likely to also receive reduced life assurance cover of just ‘2x basic salary lump sum’ and no longer be covered for our income protection scheme (regardless of whether you re-join the Plan in future). If you're a new joiner and you decide to remain in the Plan you will receive employer covered life assurance of 5x your basic salary (assuming you have never opted out). We would encourage to make sure you’re fully aware of the implications of opting out of the Plan should you decide to take this action. For more information please click here.
If you opt-out of the Plan you’re likely to be auto re-enroled every three years. However, if you’re auto re-enrolled you will not regain your income protection entitlement and you’re life insurance cover would not automatically increase. You can opt in to the Plan at any point through Telefónica Rewards.