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.
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