Leaving the Scheme
If you're thinking of leaving the Scheme, it's important to consider all of the options available to you. Read on to find out more.
Leaving Babcock
If you leave Babcock, you will stop making contributions to the BRSS.
You can choose to leave your benefits in the BRSS until your retirement date when you will have different options for how you can take your benefits.
Alternatively, you can transfer your benefits to your new employer’s arrangement or another suitable pension arrangement in your own name at any time. Your transfer value is calculated based on the value of your savings including any contributions paid by your employer. Before you decide to transfer out of the Scheme, the Trustee strongly recommends that you seek financial advice. You should also read this page from Moneyhelper, which highlights how criminals could try to scam you out of your money.
After leaving you can contact Aviva to discuss your options.
Access your Personal Account to see the current value of your benefits. If you haven’t already registered, you’ll need your Aviva policy number which can be found on any of your Aviva paperwork.
Access your Personal Account
Opting out
If you want to opt out of the BRSS while you’re still working, complete an Opt-out form. If you do opt-out of the Scheme, you’ll lose your Death in Service benefit, unless you’re opting out for Lifetime Allowance or Annual Allowance purposes.
If you opt-out and remain employed by Babcock, and if you meet the eligibility criteria for automatic enrolment in the future, Babcock is legally required to re-enrol you into the Scheme every three years.
If you’re a new Babcock employee, and the Trustee receives your completed form within one month from the date on your letter confirming membership, the Trustee will treat you as having never been an active member of the Scheme and the Company will refund your contributions.
If the Trustee receives your completed form after the one-month period, contributions made by you and Babcock will remain invested in your Personal Account and you won’t be able to receive a refund of your contributions.
