Opting out of the Fund
If you stop working for the bank, you’ll automatically stop building up further benefits in the Fund.
Or, if you keep working for the bank, you can choose to opt out of the Fund if you want to. This process can take up to two months to complete.
Members who opt out are called ‘deferred’ members of the Fund. Once you’ve opted out of the Fund, you can’t opt back in again.
Opting out of the Fund is an important decision, which could affect how much money you have to live on when you stop work. It can also affect the amount of money that your loved ones get when you die, as well as the options you have if you’re made redundant. So please speak to a financial adviser before you decide whether to opt out. You can find a regulated financial adviser at moneyadviceservice.org.uk/directory. Alternatively, the LV= Financial Advice team can advise you through the process but there would be a charge for this service. You can call 0800 022 3866 to discuss with an adviser.