Workplace pension?

[Coronacorona]

Hi. I started a new job in late Feb and have been signed up to the workplace pension. My contribution is around £125 a month.

Am I obliged to do this? I’ve just had to take a 20% pay cut due to Covid-19, as have all staff, and right now, I’d rather have the money as things are pretty tight. I’m not bothered about my pension tbh as I have such a small pot it’s just not worth me adding to it - especially right now. Can I opt out? Everything goes through the company accountant and tbh I’m a bit embarrassed to say I want to pull out of the scheme - but clearly this is ridiculous

Yes, you can opt out of the contributions, but you will lose out on employer contributions and tax relief.

Of you can't afford it, you should opt opt. If you do so within 1 month of being enrolled you will get a refund of your contributions, if you opt out after this you won't get a refund of your contributions. You can rejoin the scheme at later stage, however, you employer doesn't have to let you back into the scheme within the next 12 months.

*if

The other thing to consider is if your employer will allow you to pay a lower contribution, they don't have to also pay in, but they might.