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busdennis

Veteran
At the age of 47 iv'e just found out i signed out of SERPE when i was 18 to a Liverpool Victoria sales man who used to collect from my old mother when i was 17. i cannot remember doing this and mother never forwarded on the LV statements, i left home at 18 and have paid into the NHS pension for the last 20 years.
is my SERPS in safe hand?, was this the right thing to do at the time or was i miss sold??

yours
worried man
 

PeteXXX

Cake or ice cream? The choice is endless ...
Location
Hamtun
I don’t think you’re old enough to use the Gov Pensionwise service, so I would think a quick consultation with a certified advisor would be your best bet.
 

twentysix by twentyfive

Clinging on tightly
Location
Over the Hill
I contracted out of SERPS. I'm no expert but I think that meant a bit more went into my workplace pension (I could be mistaken on that). But I think that's why I don't qualify for the full state pension (I could be mistaken on that too).
 

Cycleops

Legendary Member
Location
Accra, Ghana
I also contracted out of SERPS, in 1976. At that time the government was keen for the burden to be taken off the state for pensions so they offered an additional payment incentve if you opted out. Mine was through Allied Dunbar which was merged into Zurich.
I see LV are still going so give them your details and if you've paid in I'm sure they will find your policy. You will have to prove who you are and provide the name of their man who collected your contributions.
You couldv find its grown into a sizable pension pot so pleasant surprise might be in store!
You should still get the full state pension at retirement.

Good luck.
 
Last edited:

stephec

Legendary Member
Location
Bolton
At the age of 47 iv'e just found out i signed out of SERPE when i was 18 to a Liverpool Victoria sales man who used to collect from my old mother when i was 17. i cannot remember doing this and mother never forwarded on the LV statements, i left home at 18 and have paid into the NHS pension for the last 20 years.
is my SERPS in safe hand?, was this the right thing to do at the time or was i miss sold??

yours
worried man
Exactly the same thing happened to me.

I can't remember the exact date off the top of my head, but some years ago I had a letter from them advising me that I was being contracted back in.
 

PaulSB

Legendary Member
I contracted out of SERPS. I'm no expert but I think that meant a bit more went into my workplace pension (I could be mistaken on that). But I think that's why I don't qualify for the full state pension (I could be mistaken on that too).

I’m no expert either but when contracting out you will have been given options as to where your money was invested. Your then employer is the first person to contact.

Your level of state pension is not influenced by contracting out. SERPS would have given additional pension not less. If you’re pension illustration shows you don’t qualify for a full statement ask for a copy of your NI contributions record - this is the qualifying criteria. It’s possible to make up missing contributions and in some instances is a very good investment.

A decent financial adviser will be able to help.
 

Cycleops

Legendary Member
Location
Accra, Ghana
Your level of state pension is not influenced by contracting out. SERPS would have given additional pension not less. If you’re pension illustration shows you don’t qualify for a full statement ask for a copy of your NI contributions record - this is the qualifying criteria. It’s possible to make up missing contributions and in some instances is a very good investment.
Your state pension will be affected if you opted out of SERPS, mine was, but then I was out for 20+ years. Don't forget the OP is only forty seven so has plenty of contributions to make.
 

Paulus

Started young, and still going.
Location
Barnet,
Your state pension will be affected if you opted out of SERPS, mine was, but then I was out for 20+ years. Don't forget the OP is only forty seven so has plenty of contributions to make.
As a recent retiree, although it is 6 years before the state pension kicks in, because of SERPS my pension will be slightly reduced as I paid slightly less NI contributions, as did everybody who worked for the government, NHS, the railways etc.
 

PaulSB

Legendary Member
I’m not in a position to argue the point with those who have a reduced or expect a reduced pension following opting out of SERPS.

My understanding was SERPS gave the potential for an increased state pension and therefore opting out of it would/should leave one eligible for a full state pension. I opted out in my mid 20s and retired at 62 having worked since 18. I’m 64 now and my projection from HMRC shows I will receive the full pension.

I think there are other reasons why people do not get the full pension such as part time working, maternity leave, self employed etc. but my understanding is anyone in PAYE with a full qualifying NI record will receive the full pension.
 

Cycleops

Legendary Member
Location
Accra, Ghana
Opting out of SERPS and transferring your contributions plus the incentive the govt added will give you a increased pension compared to what you night have under the government scheme. You must have met the minimum rule.

"The earliest you can get the basic State Pension is when you reach State Pensionage. To get the full basic State Pension you need a total of 30 qualifying years of National Insurance contributions or credits. This means you were either: working and paying National Insurance."
The basic State Pension: Eligibility - GOV.UK
 

rualexander

Legendary Member
"The earliest you can get the basic State Pension is when you reach State Pensionage. To get the full basic State Pension you need a total of 30 qualifying years of National Insurance contributions or credits. This means you were either: working and paying National Insurance."
The basic State Pension: Eligibility - GOV.UK

That's the Basic State Pension, the New State Pension which applies to those retiring in the future requires 35 years NI contributions but pays a higher weekly amount.
https://www.gov.uk/new-state-pension
 
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