Flexibilities renewal when changing employers

We’d like to remind you that when a new employee joins you from another employer, you’ll need to check whether they have an ongoing Flexibilities election.

If an employee has an Additional Pension election and moves employers, provided there's a gap of no more than a month, this election will still be valid and contributions need to be deducted. If there's a gap of more than a month the employee would need to make a new election. If a employee has a Buy out election, provided there is not a gap of more than 5 years, this election is still valid and can continue. If the original election will still be valid and the employee wishes to continue to make contributions, please arrange the necessary deduction, otherwise ask them to inform us that the election has ended.

Faster Accrual elections are in respect of each employment. When an employment ends, the Faster Accrual ends.  However members can make a mid (Scheme) year election whey they take up a new employment.

Last Updated: 27/11/2018 11:56