If you don’t want to enjoy the benefits of ‘Pensions Plus’, simply complete and return the 'Opt-out Form' available from the 'Forms' page or by calling OneHR.
If you do opt-out, you will not be able to enjoy the benefits of ‘Pensions Plus’ before the start of the next tax year. You will need to apply to OneHR to join the ‘Pensions Plus’ arrangement. Your Pension Scheme membership will continue, but because you opted out of ‘Pensions Plus’ your contributions will be deducted from your gross ‘Pensionable Salary’ and you will see a deduction each month on your payslip.
Once you join ‘Pensions Plus’, you may only opt back out if a lifestyle event occurs. Once opted out, you may only opt back in if either a lifestyle event significantly alters your financial situation or at the next 6 April. Please see the ‘FAQs’ page for examples of lifestyle events. You may wish to take independent financial advice before deciding to opt-out.
‘Pensions Plus’ is unsuitable for a small number of colleagues. If your basic salary is at, or close to, the National Minimum Wage (NMW) or National Living Wage (NLW) already, you will not be able to participate in ‘Pensions Plus’ as the Company cannot reduce your contractual hourly rate below this threshold. If this applies to you, we will write to you separately explaining the issues.
In addition, if your pay after any sacrifice is at, or close to, the threshold at which NI Contributions are payable, you will not be able to participate in Pensions Plus. This is because you could lose entitlement to certain State benefits (e.g. the ability to claim certain welfare payments or, potentially, Job Seekers Allowance) and would not be building up any State Retirement Pension for that period. Therefore you will be automatically opted out of 'Pensions Plus' but can choose to opt-in if your circumstances change in the future. If you want more, please contact OneHR.
Pensions Plus is intended to continue indefinitely. However if pension, tax or NI law changes, or if it is no longer viable for the company to offer it, Heathrow reserves the right to withdraw Pensions Plus at any time without liability.
Most people will usually save by participating in Pensions Plus because they will be paying less NI. The exact saving you make will depend on your pay counting towards pension, contribution rate and the rate of NI you pay. The calculator on the 'How much could you save' page gives an indication of how much members could save based on salary and contribution rate examples.