If you want to opt out of pension saving please visit the West Yorkshire Pension Fund website to access the relevant forms, but before you do here are 10 great reasons to remain a member of the scheme……….
- Free money from your employer - your employer shares the cost, and will contribute around twice as much as you do to the Scheme. You do not benefit from that money without participating in the scheme.
- Tax free savings – tax relief on all your contributions, even on extra payments you make to top up your benefits.
- Increased quality of retirement – start now for a bigger pension on retirement.
- No investment risk – a pension based on your pay and length of service.
- Protections and security – protections for you in case you have to draw your benefits early through ill health; and protection for your loved ones in the form of pensions for dependents.
- Life cover, no medicals required – life cover of 3 years pay.
- No hidden fees or charges – you simply contribute a percentage of your pay.
- Tax free lump sum – can be taken in addition to a regular pension.
- Pensions increased with inflation – the value of your pensions in payment is protected.
- Saving for retirement is crucial – maintain your lifestyle in retirement.
Please be aware that if you opt out and have benefits in the 1992 Fire Pension Scheme you will only be able to access these at age 60.