Opting out

Things to consider

You’ll lose out on extra money

A company pension is a valuable benefit, and it can make sense to stay opted in. But you'll be given a month to decide if you want to stay in or opt out.

Remember, if you decide to opt out you’ll miss out on the extra money from Deutsche Bank and tax benefits from HMRC.

You might be automatically enrolled

Because of changes made by the Government to help everyone save for retirement, employers have to provide pensions for their employees. If you opt out, Deutsche Bank might have to automatically enrol you back into the DB (UK) DC Pension Plan at some point in the future.

Find out whether you will be automatically enrolled

You can change your mind

You might decide that staying opted in isn’t the best option for you right now, but if you change your mind you can choose to rejoin the DB (UK) DC Pension Plan.

 

You might be automatically enrolled

If you opt out, Deutsche Bank might have to automatically enrol you back into the DB (UK) DC Pension Plan. And if you can say yes to these questions, then you’ll be eligible for automatic enrolment.

  • Are you aged between 22 and state pension age? For someone retiring today, state pension age is 66
  • Do you earn more than £10,000 a year before tax?
  • Do you usually work in the UK?

If you want to know more about automatic enrolment, you'll find more details on the gov.uk website

Visit gov.uk

When will this happen?

Roughly every three years, all employers have to assess their employees and join all eligible employees to the company pension. You can ask Deutsche Bank for details about when this will happen.

If you're still eligible when this assessment happens, you’ll be automatically enrolled. You won’t need to do anything and Deutsche Bank will contact you with more details about the DB (UK) DC Pension Plan.

What if you're not eligible?

If you don’t meet the eligibility requirements when you opt out, Deutsche Bank will continue to assess you for automatic enrolment. If anything changes, for example, you start to earn more than £10,000 a year, you could be automatically enrolled.

 

Rejoining the company pension

If you decide to opt out, it doesn’t mean you can’t start saving again in the future.

And, you don’t have to wait to be automatically enrolled - you can ask to rejoin at any time. You may have to wait up to 12 months before you can join again, so ask Deutsche Bank for more information.

Rejoining the DB (UK) DC Pension Plan means you can start building up your savings. Plus you’ll get extra payments from your employer and valuable tax benefits from the Government.

Do you earn less than £6,240 a year?

If you’re earning less than £6,240 a year (£520 a month or £120 per week) when you decide to re-join, you can ask Deutsche Bank to join you to a pension to help you save for retirement.

You'll receive tax benefits from the Government on any payments you make, but you may not get extra payments from Deutsche Bank.

 

You'll have a month to opt out

When you become a member of the the DB (UK) DC Pension Plan, Standard Life will contact you to confirm your membership and plan number.  They'll also send you information about accessing online servicing, which you can use to manage your pension online.

Deutsche Bank will confirm how you can opt out.

This will either be direct with Standard Life through online servicing (or over the phone on 0345 272 8837), or using another method that your employer will tell you about. Call charges will vary.