Please complete all fields below if you'd like to increase or decrease your contributions in Pace DC.
Please note: if you are paying additional voluntary contributions these will remain unchanged.
There is more information to help you make your decision in Your Pension Guide.
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:
Select the level you'd like to change to from the options below. Please see your pension guide for details of the contributions Co-op will pay.
I can confirm that I either meet the actively at work requirement or accept that any death in service lump sum benefit may not be provided until such time as I meet this requirement.+
+ Actively at work means that you have not received medical advice to refrain from work, are not absent from work or restricted from work due to illness or injury, and are actively following your normal occupation. This means that you are working at your normal capacity for the normal number of hours required by your contract, either at your normal place of business or at a location at which Co-op requires you to work. In the event that this requirement is not met, the Trustees will restrict the level of death in service lump sum payable to one times salary until such time as you meet the requirement.
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 Pace DC 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.
Your new contribution amount will be taken from your salary in the same way as before. If you pay contributions by NICE Pensions, 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 by reading the NICE Pensions factsheet.
Employees of the Co-operative Bank plc should not complete this form. There is a separate form available for Bank employees on the Bank intranet and on the Bank's own pensions website.
If you have any questions please contact the Pace helpline on 0345 026 8689.
Please complete an 'online signature' by entering your full name in the box below before submitting this form.