Opt out or ceasing membership
How you leave our pension scheme depends on when you were enrolled
‘Opt out' or 'cease membership', what's the difference?
If you'd like to leave our pension scheme, then there are two ways to do this. One is called 'opting out'. The other is 'ceasing membership'.
It's confusing because people say 'opt out' all the time, but the name for how you leave a pension scheme changes, depending on when you joined. It all depends on how long you’ve been enrolled into the scheme and whether you were automatically enrolled.
It's known as 'opting out' if you've been a member for less than one month
If you want to leave the scheme very soon after being automatically enrolled, it’s known as ‘opting out’. This can only happen if you've been a member of the scheme for less than one calendar month and you have been notified that you were being automatically enrolled. In this situation, your employer will refund any money you've paid into the scheme, after deducting any tax, usually within a couple of months.
It's known as 'ceasing membership' if you've been a member for more than one month
If you want to leave the scheme after you've been a member for one month or more, then we call it ‘ceasing membership’ instead. We are not permitted to refund your contributions in this situation. Instead, they are left invested until you reach retirement or decide to move them to another pension scheme.
‘Opt out' or 'cease membership', what's the difference?
If you'd like to leave our pension scheme, then there are two ways to do this. One is called 'opting out'. The other is 'ceasing membership'.
It's confusing because people say 'opt out' all the time, but the name for how you leave a pension scheme changes, depending on when you joined. It all depends on how long you’ve been enrolled into the scheme and whether you were automatically enrolled.
It's known as 'opting out' if you've been a member for less than one month
If you want to leave the scheme very soon after being automatically enrolled, it’s known as ‘opting out’. This can only happen if you've been a member of the scheme for less than one calendar month and you have been notified that you were being automatically enrolled. In this situation, your employer will refund any money you've paid into the scheme, after deducting any tax, usually within a couple of months.
It's known as 'ceasing membership' if you've been a member for more than one month
If you want to leave the scheme after you've been a member for one month or more, then we call it ‘ceasing membership’ instead. We are not permitted to refund your contributions in this situation. Instead, they are left invested until you reach retirement or decide to move them to another pension scheme.
How do you opt out of the Smart Pension scheme?
You can opt out of our pension scheme through your Smart Pension account.
- sign in to your Smart Pension account
- In the menu, choose 'Profile Details' and then 'Manage Membership'
If you've been a member of our scheme for less than one month then the page will give you the choice to opt out. If you've been a member of our scheme for more than one month, then the same page will give you the choice to cease membership instead.
How do you opt out of the Smart Pension scheme?
You can opt out of our pension scheme through your Smart Pension account.
- sign in to your Smart Pension account
- In the menu, choose 'Profile Details' and then 'Manage Membership'
If you've been a member of our scheme for less than one month then the page will give you the choice to opt out. If you've been a member of our scheme for more than one month, then the same page will give you the choice to cease membership instead.
How do you cease membership of the Smart Pension scheme?
You can cease membership through your Smart Pension account.
- sign in to your Smart Pension account
- In the menu, choose 'Profile Details' and then 'Manage Membership'
If you've been a member of our scheme for more than one month, then the page will give you the choice to cease membership. We don't refund money to you in this situation, but you will have access to your pension savings when you reach your retirement age. If you've been a member of our scheme for less than one month then the page will give you the choice to opt out instead.
How do you cease membership of the Smart Pension scheme?
You can cease membership through your Smart Pension account.
- sign in to your Smart Pension account
- In the menu, choose 'Profile Details' and then 'Manage Membership'
If you've been a member of our scheme for more than one month, then the page will give you the choice to cease membership. We don't refund money to you in this situation, but you will have access to your pension savings when you reach your retirement age. If you've been a member of our scheme for less than one month then the page will give you the choice to opt out instead.
How do you ask to rejoin the pension scheme?
If you opt out or cease membership from the scheme, you can ask to opt in again at any time as long as you’re still working for the same employer. But your employer only has to accept that request once every 12 months.
Your employer should also check your personal details once every three years or so to see if you should be rejoin. If your decision to opt out happens less than a year from when they carry out re-enrolment, then they may not include you in these checks. But they should include you next time.
If you decide you want to rejoin the scheme, then you can ask to be re-enrolled at any time as long as you’re still working for the same employer. Your employer might not accept this request if you leave the scheme and try to rejoin it multiple times in a twelve-month period.
How do you ask to rejoin the pension scheme?
If you opt out or cease membership from the scheme, you can ask to opt in again at any time as long as you’re still working for the same employer. But your employer only has to accept that request once every 12 months.
Your employer should also check your personal details once every three years or so to see if you should be rejoin. If your decision to opt out happens less than a year from when they carry out re-enrolment, then they may not include you in these checks. But they should include you next time.
If you decide you want to rejoin the scheme, then you can ask to be re-enrolled at any time as long as you’re still working for the same employer. Your employer might not accept this request if you leave the scheme and try to rejoin it multiple times in a twelve-month period.
Can you opt in during a postponement period?
Some employers open a workplace pension scheme but choose not to enrol employees immediately. A short delay may make part of their administration easier. That delay is called ‘postponement’.
Employers should let you know if they're going to use postponement. But if you want to, you can opt in straight away and start paying into the scheme.
For more information on how to opt out or cease your membership, please refer to our help article Leaving the pension scheme.
Can you opt in during a postponement period?
Some employers open a workplace pension scheme but choose not to enrol employees immediately. A short delay may make part of their administration easier. That delay is called ‘postponement’.
Employers should let you know if they're going to use postponement. But if you want to, you can opt in straight away and start paying into the scheme.
For more information on how to opt out or cease your membership, please refer to our help article Leaving the pension scheme.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Instant changes to your
pension savings
You won’t need to check in on your pension savings every day. They're designed to be a long-term investment. But if you do need or want to get an update, then the secure Smart Pension makes it easy to get that information straight away. There’s no need to make a phone call or to wait for a letter.
Our app will give you real time information about your pension savings. It puts your future into the palm of your hand.
Smart Pension's fund choices
Smart Active Impact Bond Fund
Aims to invest in bonds which have an environmental impact and generate financial return above the global green bond market, taking into account Environmental, Social and Governance issues when selecting investments.
As this fund was recently launched, a factsheet is not yet available.
Smart Active Impact Equity Fund
The aim of this fund is to invest in equities which provide growth over the long term (being a period of five years or more) and invest in companies that contribute to the achievement of the United Nations’ Sustainable Development Goals.
As this fund was recently launched, a factsheet is not yet available.
Smart All Stocks Index – Linked Gilts Index Fund
Aims to track the return of the FTSE Actuaries British Government Index Linked All Stocks Index, which features UK government bonds with returns linked to the Retail Price Index (RPI).
Smart Annuity Fund
Aims to improve potential outcomes for investors likely to purchase fixed annuities by providing a diversified exposure to assets that reflect the broad characteristics of investments underlying a typical traditional level annuity product, incorporating Environmental, Social and Governance (“ESG”) considerations as part of the investment strategy.
The fund cannot provide full protection against changes in annuity rates for individual members as these also depend upon a number of other factors (e.g. changes to mortality assumptions).
Smart Cash Fund
Aims to maintain capital and provide a return in-line with money market rates by investing in a range of money market securities denominated in sterling.
Smart Ethical and Climate Fund
Aims to track a filtered index, which excludes companies that operate in industries that breach certain ethical criteria.
Smart Global Bond Index Fund
Aims to invest in different types of bonds in the UK and overseas, taking into account Environmental, Social and Governance factors.
Smart Growth Fund – Higher Risk
This fund carries a higher risk of fluctuation to your savings than other growth funds available but has the potential for high growth, though this is not guaranteed.
Smart Growth Fund – Lower Risk
This fund carries the lowest risk of fluctuation to your savings than other growth funds available but also reduced likelihood of a high return. It may be suitable if you are concerned about volatility.
Smart Income Fund
Aims to provide long-term investment growth up to retirement, and to support flexible income during retirement, taking into account Environmental, Social and Governance factors.
Smart North America Equity Index Fund
Aims to provide broad exposure to companies in the North American equity market, taking into account Environmental, Social and Governance factors.
Smart Sharia Fund
Aims to create long term appreciation of capital through investment in a diversified portfolio of securities which meets Islamic investment principles.
Smart Sustainable Growth Core
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas.
Smart Sustainable Growth Fund
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a moderate allocation to investments contributing to solutions for environmental and social issues.
Smart Sustainable Growth Plus
Aims to take advantage of Environmental, Social and Governance factors by investing more in companies which score well in these areas to mitigate Environmental, Social and Governance risks and benefit people and the planet by having a high allocation to investments contributing to solutions for environmental and social issues.
Smart UK Equity Index Fund
Aims to provide broad exposure to the UK stock market, taking into account Environmental, Social and Governance factors.
Smart World (ex UK) Developed Equity Index Fund
Aims to provide broad exposure to large and mid-cap companies in the developed world, excluding the UK, taking into account Environmental, Social and Governance factors.
Smart World Emerging Markets Equity Index Fund
Aims to provide access to key emerging economies taking into account Environmental, Social and Governance factors.
