Any pension advisers on line

[busdennis]

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]

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.

 

[midlife]

Contracting out should mean you pay a bit less NI as the NHS is a defined benefit scheme.

 

[twentysix by twentyfive]

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).

 

[TVC]

SERPS ended in 2002. You really do need to contact an advisor who can go through your details.

The first stop might be The Pensions Advisory Service (TPAS)

https://www.gov.uk/pensions-advisory-service

A free Government service that should be able to give you some outline advice.

 

[Cycleops]

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.

 

[stephec]

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.

 

[busdennis]

thanks all.

 

[PaulSB]

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.

 

[User10119]

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.

BTW, you can easily access a statement of your qualifying years etc on the HMRC website by registering for https://www.gov.uk/personal-tax-account

 

[Cycleops]

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]

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]

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]

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]

"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