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The Willis Pension Scheme
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Membership
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Currently selected
Membership
Membership
Who can join the Scheme?
The scheme closed to new entrants on 1 January 2006. A small number of Associates who joined in early 2006 were also allowed to join if they had already been promised membership on the date the Scheme closed
If you are not already a member of the Scheme, you cannot now join.
Do I have to remain in the Scheme?
You do not have to remain in the Scheme. If you decide to opt-out you may do so by completing an Opt Out form which is available from the pensions team. However before making any final decision to opt out it is recommended that you seek Independent Financial Advice and bear in mind the following points:
If you have completed more than two year's pensionable service, you will not be entitled to a refund of contributions. You would instead be entitled to a deferred benefit on leaving actual employment based on your pensionable service up to the date of opting out, as set out in the Trust Deed and Rules of the Scheme
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.
The monthly pension deduction shown on your payslip is gross. After allowing for reduced National Insurance contributions as a member of a contracted-out pension scheme and the tax relief that is automatically applied to your contributions, the actual net cost of membership is far less.
You will lose the valuable death-in-service benefits provided for members of the Scheme
You will not be able to re-join the Scheme at a later date
If you do decide to opt out, you should strongly consider joining the Willis Group Personal Pension Plan instead.
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