Leaving

If you leave the Scheme but continue to work for TSB (known as opting out), all contributions to your account stop but you continue to benefit from life cover of 4 x your basic pay. However, additional life cover of 4 x basic pay in respect of qualifying dependants will cease. If you wish to rejoin the Scheme at any point, see Joining.

If you leave TSB, your options will depend on how long you have been a member of the Scheme:

If you joined the Scheme before 1 October 2015

You will receive a refund of the value of your own contributions less tax. Where you have participated in SmartSaver, this will be the value of any contributions made by TSB on your behalf (i.e. core and additional contributions) less tax and National Insurance.

You will not receive a refund of any company contributions made to the Scheme.

You will be able to:

  • transfer the full value of your account, including company contributions, to another registered pension arrangement; or
  • take a refund of the value of your own contributions. Where you have participated in SmartSaver, this will be the value of any contributions made by TSB on your behalf (i.e. core and additional contributions), less tax and National Insurance, and this will be paid via Payroll. Where you have made any contributions directly to the Scheme and outside SmartSaver, this will be the value of your own contributions, less tax. Please note, you will not be able to take a refund of your own contributions if you have transferred-in benefits.

You will not receive a refund of any company contributions made to the Scheme.

You will be able to:

  • transfer the full value of your account to another registered pension arrangement; or
  • leave your account in the Scheme until you retire. You can change your investment choices prior to retirement.

If you joined the Scheme from 1 October 2015

You will receive a refund of the value of your own contributions less tax. Where you have participated in SmartSaver, this will be the value of any contributions made by TSB on your behalf (i.e. core and additional contributions) less tax and National Insurance.

You will not receive a refund of any Company contributions made to the Scheme.

You will be able to:

  • transfer the full value of your account to another registered pension arrangement; or
  • leave your account in the Scheme until you retire. You can change your investment choices prior to your retirement.

If you are interested, and eligible, in transferring your account to another registered pension arrangement, you will need to request a quotation. If you are happy with the quotation and would like to proceed with the transfer, complete a Transfer out form.

Once you leave TSB, all contributions to your account stop and you can no longer transfer benefits into the Scheme. You no longer benefit from life cover of 4 x your basic pay.

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