Opting Out
Things to consider before opting out of OSPS.
Before deciding to opt out you should bear in mind that you would be giving up valuable benefits plus a significant contribution from your employer. Remember that your employer can refuse to let you join again if you opt out.
The list at the bottom of the page gives some common reasons for opting out. Please read them before deciding to opt out in case you wish to reconsider.
Considerations
The Trust Deed and Rules of OSPS take precedence over anything said on this page.
Opting out of Investment Builder
If you joined OSPS after 1 October 2017 you are in the Investment Builder section of the scheme.
It is not possible to opt out in advance if you are an Investment Builder member. There is no form for opting out from the start; forms OPT2 and OPT2DC are not valid. If you have been given OPT1 it is no longer valid. No form will be accepted for opting out from the start.
New joiners will get an email or a starter letter at their home address from Legal and General around the end of the month in which they are enrolled, usually the month of their first deduction. For University employees, this will be the email or post address held on the HR system. Please ensure that the system has your correct address so that you will receive the letter.
The email or letter will give a deadline of about one month for opting out online or by calling 0345 026 8982. If you do this before the deadline you will get a refund. After this deadline it is possible to withdraw from the scheme using form OPT2DC (pdf) but there will be no refund.
Send this to the the Pensions Office (if you work for the University) or your employer if you work for one of the colleges.
See also the relevant section on the Investment Builder page.
Opting out of Defined Benefit (DB) section
If you joined OSPS before 1 October 2017 you are in the Defined Benefit or CARE section of the scheme.
You should think very carefully before opting out of the DB section as you would be giving up extremely valuable benefits. You will NOT be able to rejoin the DB section if you change your mind - you would have to go into Investment Builder section of the scheme.
If you do want to opt out please complete and return form OPT2 to the the Pensions Office (if you work for the University) or your employer if you work for one of the colleges.
Cost and benefit calculators
- Investment Builder (xlsx)
- DB section (xlsx)
Contact Us
University of Oxford
Great Clarendon Street
Oxford OX2 6DP
OSPS - [email protected]
(01865) 616020