When you’re automatically enrolled into the Plan, you have 30 days from receipt of your joining notification to opt out and get a refund of any contributions you’ve paid.
If you opt out after this period, you’ll stop paying contributions, but any contributions you’ve already paid won’t be refunded. They’ll remain invested in the Plan for you until you either transfer them to an alternative pension arrangement or take your benefits.
Although being a member of the Plan isn’t compulsory, please think carefully before choosing to opt out. As a Plan member you benefit from:
- valuable pension contributions from Cummins worth up to 9% of your salary
- tax-free pension contributions, which mean that saving costs you less than you think
- life assurance cover of five times your annual salary (non-members are only covered for one year’s salary).
If you’ve opted out and want to rejoin, you can do so at any time by logging in to your account via Manage my pension
Please note that if you’ve opted out, we’re required to automatically re-enrol you if you remain eligible at the Company’s next auto-enrolment point, which takes place every three years.