Your pension plan membership will start when the first payment is received into your pension plan. Up until receipt of the first payment you can withdraw your application for pension plan membership. Please note that it may not always be possible to stop a payment if it is in the final stages of being sent.
When your pension plan membership starts you have a legal right to cancel your pension plan within 30 days. However, please note if payments have already been invested you may get back less than you paid in due to investment costs and a fall in investment value. Please note that some transferring schemes may not accept a return of a transfer payment or may only accept it on alternative terms which may not be acceptable to you. Under those circumstances you may choose to keep the transfer payment within this pension plan or arrange for a transfer to an alternative registered pension scheme of your choice that will accept the transfer payment.
A Cancellation Notice will be available as part of your Welcome Pack. If you do wish to withdraw your application or cancel your pension plan you should complete and return the Notice before the 30 day notice period ends.