How do I change contributions or take a break from paying into my company pension?Fri Dec 05 15:41:35 GMT 2014
Changing the value of regular contributions
You can change the value of regular contribution at any time. If you want to reduce your contributions below the minimum required under the automatic enrolment legislation, you can ask your employer to allow you to continue in the scheme on a lower contribution level, and your employer will automatically re-enrol you back into the plan (with contributions increased to meet the minimum requirements) at some stage over the following three years, if you're eligible.
You can stop or take a break from paying contributions at any time and leave your fund in the plan. Any contribution break is likely to reduce your future pension. You should speak to your employer to find out more if you’re thinking of taking a contribution break. Your policy conditions will give you more details.
If you're automatically enrolled and you decide to take a break from paying contributions, it means you're ceasing active membership of the scheme and you may not be able to re-join at a time of your choosing. If you cease active membership, your employer will automatically re-enrol you back into the plan at some stage, over the following three years, if you're eligible.
The value of an investment can fall as well as rise and isn’t guaranteed. You could get back less than you originally invested.