Pace - The Co-op pension scheme

Leave Pace DC

Who is this form for?

You should complete this form if you would like to leave Pace DC and stop paying into your pension. You can do this if you have been a member for more than one calendar month. Please read the important information below before you continue.

This form isn’t for you if:

You’ve been enrolled in the last calendar month you can opt out through WorkSave Choice (You will find you enrolment code on your auto enrolment communication).
You are an employee of the Co-operative Bank plc. There is a separate form available for Bank employees on the Bank intranet and on the Bank's own pensions website.
You would like to increase or decrease your contributions.

Please read carefully the benefits you will lose on leaving Pace DC.If you have any questions please contact the Pace helpline on 0345 026 8689, or visit coop.pacepensions.co.uk/.

Important information about leaving Pace DC:

You will lose important benefits if you leave Pace DC:

You will lose regular contributions from the Co-op.
Co-op made some changes to its pension arrangements from 10 June 2019. If you joined Pace before 10 June and stop paying contributions, you won’t be able to re-join again in the future on the same terms.
The level of life cover you receive may also reduce depending on how much you’re paying into Pace.
Any regular additional voluntary contributions will also be discontinued.

What are the alternatives to leaving Pace DC?:

You can choose the amount you pay in. You should consider whether you could reduce your contribution and pay in a lower amount instead of stopping your contributions altogether. If you want to do this, you can choose to contribute as little as 1% of your Pay. If you’d like to amend your contributions, complete the increase or decrease your contributions form.

If you are unsure what to do, we would always recommend taking financial advice. You can find an adviser in your local area at MoneyHelper. Financial advisers usually charge a fee for their services, but it will be personal to you and your circumstances

Declaration

Please confirm below that you wish to leave Pace DC. This will be effective from the next available payroll run.

I understand that, by completing and submitting this form, I'm agreeing to leave Pace DC.

I confirm that I wish to leave Pace DC and I understand that I will lose any benefit associated with active membership of the scheme, including contributions from the Co-op.

Your details

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

Employee number

National Insurance number

Forename(s)

Surname

Email address

Confirm email address

Online signature

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

Your full name

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Once you submit this form your request to leave Pace DC will be processed accordingly and all the relevant information you will need to decide what to do with your pension account will be posted to your home address.