How do I stop saving?

There could be any number of reasons why you decide to stop saving into your workplace pension. You can stop at any time. But remember that it could have a serious effect on the final amount you get back when you retire.

Remember, any projected figures we’ve given you were based on our assumption that you’ll pay contributions regularly from the start date until your selected retirement date. If you stop paying, you’ll have less chance of meeting those figures. And the longer you stop for, the more unlikely it will be.

Any employer contribution you’ve been receiving could also depend on you making a contribution to the plan. So you might want to check this out before you decide.

To stop saving in your company pension, speak to your HR department and ask them to stop the monthly deductions from your salary. When you’re ready, you can restart them again at any time.