Opting Out

Rather than opting out, did you know that you can remain in the Scheme but pay less with the 50/50 option? This allows you to pay half the contributions you would normally pay. For more information please visit the 50/50 section.

Whether to opt out of the Scheme is a serious decision to take and you should make sure that you are aware of all the implications of doing so. 

Remember that although you could join the Scheme again in the future, you will never be able to get back the missing membership.

Why should I remain in the LGPS?

As a member of the LGPS, you benefit from a secure future retirement income, independent of share prices and stock market fluctuations. There’s also cover in the event of your early retirement on the grounds of permanent ill-health, redundancy or business efficiency. Plus you have the option, on retirement, to exchange part of your pension for some tax-free cash.

From the moment you join the LGPS you also receive life cover and family benefits for a widow, widower, civil partner, nominated cohabiting partner and children in the event of your death.

If these things are of value to you, it’s worth considering remaining in the Scheme.

How do I opt out?

If you want to opt out you are free to do so at any time. You should complete the Notice to Opt Out of Pension Saving form and return it to your employer (not to the Norfolk Pension Fund). Your employer will not be able to accept the form unless all four pages are returned.

If you are thinking of opting out, we recommend that you speak to an Independent Financial Adviser (IFA) before making a decision. You can find details on independent financial advice on the useful links page.