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Co-op Retirement Savings Plan

Increase or decrease my contributions

Please complete all fields below if you'd like to increase or decrease your contributions in the Co-op Retirement Savings Plan (The Plan).

Please note: if you are paying additional voluntary contributions these will remain unchanged.

There is more information to help you make your decision in the Member booklet.

Please ensure you complete all the fields or you will not be able to submit the form at the end.

Select the level you'd like to change to from the options below. Please see the Member booklet for details of the contributions Co-op will pay.

You pay 1%

You pay 2%

You pay 3%

You pay 4%

You pay 5%

You pay 6%

You pay 7%

You pay 8%

You pay 9%

You pay 10%

Paying less

If you choose to pay less than the minimum required by the Government’s automatic enrolment rules, the Co-op may be required to increase your contribution in the future to the minimum required by automatic enrolment. If this happens you will receive further information at the time and you can choose to reduce your contribution again if you want to. Contributing less to the Plan means you are likely to have less in your pension account at retirement.

What you need to know:

  • Your employer cannot ask you or force you to opt out of the minimum required contributions by the Government’s automatic enrolment rules.
  • If you are asked or forced to opt out, you can tell The Pensions Regulator – see www.tpr.gov.uk/concern.
  • You can increase or decrease your contributions any time you like by completing this form.

Declaration

Your new contribution amount will be taken from your salary in the same way as before. If you pay contributions by NICE Pensions (salary sacrifice), you confirm that you understand that this contribution change will change the amount of your pension payment and is therefore a change to your terms and conditions of employment. You can read more about NICE Pensions on the Plan website.

If you have any questions please contact the Plan helpline on 0345 026 8689.

Your details

You will need to complete all of the fields to submit the form.

Online signature

Please complete an 'online signature' by entering your full name in the box below before submitting this form.