Yes. You can choose to opt out of the Scheme. To do so you’ll need to complete an Opt out form.
If you choose to opt out while you’re still employed by TSB, you may be automatically re-enrolled in the Scheme at a later date. Under legislation we must automatically enrol most of our people into the Scheme every third anniversary from the date they opt out. This is because your circumstances might have changed. We’ll write to you to confirm when this is happening.
If you’re considering opting out of the Scheme, we recommend that you seek specialist independent financial advice before doing so. You can visit www.unbiased.co.ukto find an advisor in your local area.
As well as affecting pension benefits, opting out of the Scheme may affect any benefits payable to your dependants on the event of your death while you’re an employee of TSB.