Opting out (within the first month)
Employees who opt out within one month of when they were added to Cushon are eligible to receive back any money they had already paid in.
When an employee opts out, you will receive an email to let you know. You will also see a record of any opt outs in the ‘Employee Requests’ section of the Cushon Employer Portal.
You should record the opt-out date in your payroll system, stop any future deductions and process any refunds to the employee in the next pay run.
Cushon will refund any contributions already paid to the employer’s bank account, and as employer, you should then return any payments deducted from salary to the employee in your next pay run, subject to Income Tax and National Insurance in the normal manner.
Leaving the Scheme/Ceasing membership (after the first month)
If a member wishes to leave after the first month this is known as ‘ceasing membership’.
You will receive an email to let you know that the member has left the Scheme and that no refund is due as it was outside of the first month. You will also see a record in the ‘Employee Requests’ section of the Cushon Employer Portal.
When a member ceases membership, contributions stay invested, and members are not eligible for a refund. Ceasing membership stops future contributions but the existing pot remains invested.
Every three years you must re-enrol any eligible staff who opted out or ceased membership back into the scheme and complete a re-declaration of compliance.