You can leave the Scheme at any time whilst employed by HBOS. We call this ‘opting out’.
When we receive your request to opt out, you will leave the Scheme from the end of the month in which we receive your request. Your notional contributions and those of HBOS will also cease at the end of this month. Please note that if, at the point when your opt out becomes effective, you have completed more than 2 years service, you will not be eligible for a refund of contributions as cash. Click here to see the options open to you if you opt out of the Scheme.
If you are thinking about opting out of the Scheme, you should consider taking financial advice. If affordability is an issue, you may wish to reduce contributions rather than stopping them altogether - that way you'll still be saving towards your retirement and benefitting from HBOS contributions too.
To discuss opting out and the options available to you, telephone 0845 605 4444 (option 4).
