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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.


Opting out of Investment Builder

  • It is NOT possible to opt out in advance.
  • You cannot fill in a form to opt out from the start. Forms OPT2 and OPT2DC are not valid.
  • We will NOT accept any forms 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 this 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 refunds. DO NOT USE THIS FORM TO OPT OUT FROM THE START AND GET A 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

  • 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.
  • 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.

Considerations

The Trust Deed and Rules of OSPS take precedence over anything said on this page.

Cost and benefit calculators

 

Contact Us

Pensions Office
University of Oxford
c/o Oxford University Press
Great Clarendon Street
Oxford OX2 6DP

OSPS - [email protected]
(01865) 616020