More about Cancelling Tax relief: If you are a tax payer, you are automatically getting tax relief on your pension contributions. So you are paying less tax because of this. If you cancel your membership, your tax will go up. National Insurance Savings: If you pay National Insurance, you pay it at a lower 'contracted out' rate. If you cancel your membership, your National Insurance will go up.

Ill health cover: The scheme offers ill health cover... for example someone retiring on health grounds due to a serious illness could see their membership made up to age 65. If you cancel your membership, you will lose this level of protection.

Redundancy: These are challenging times for employers, and we are seeing many organisations having to cut budgets and lose staff. If you are in the Scheme and you are made redundant you have an automatic right to immediate and unreduced benefits if you are 55 or over. If you cancel your membership, you will lose this level of protection.

You have to pay into some kind of pension: As long as you earn enough to pay National Insurance, you have to pay into some form of pension anyway. If you cancel your membership, you will have to arrange your own personal pension or do nothing and pay more into your State pension.

Cancelling FAQs

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