To help people save for their retirement, employers are now required to automatically enrol their employees into a workplace pension scheme, if they are not already in one.
If you are on an MRC contract of employment you will be entered into the Scheme automatically, providing you are at least 16 years of age and under your State Pension Age.
Although MRC are required to enrol employees into the Scheme, you are able to opt out if you do not want to be a member. This must be your decision, as MRC are not allowed to ask, persuade or force you to opt out.
If you want to opt out of the Scheme, you can do so within the first three months of your membership and you will receive a refund of your contributions and you will be treated as though you have never been a member. Please note that you elect to not join the Scheme; MRC must enrol you first then you must opt out.
If you have been a member of the Scheme for more than 2 years, you can still opt out, but you will not be able to receive a refund of your contributions. You will need to give 28 days’ notice. We would also recommend that you take independent financial advice choosing the leave the Scheme, as you may miss out on some great benefits of being a member. The Scheme is required to re-enrol you at least once every three years, so even if you opt out, you may be re-enrolled again at a later date.
If I opt out can I rejoin later?
You can ask to rejoin the Scheme by providing a written request to your employer, however there is no guarantee that you will be able to rejoin the MRC Pension Scheme at a later date if you choose to opt out.