Opting back into serps?

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slewis1972
slewis1972 Posts: 258 Forumite
First Post First Anniversary Combo Breaker
in Pensions, annuities & retirement planning
HI All

Its come to my attention the small personal pension I have with HSBC, I must have selected at some point to opt out of serps.

Now, still away - 30 years off pensionable age, should I opt back into serps or leave it till the financial market recovers.

As I said the pension is very small as I have a larger work one.

Many Thanks

Scott

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  • dunstonh
    dunstonh Posts: 116,371 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    Now, still away - 30 years off pensionable age, should I opt back into serps or leave it till the financial market recovers.

    30 years away from pensionable age means your state pension age is 67 and that makes you 37 now. The optimal age to contract back in is between 40 and 45 depending on sex and earnings.
    I have a larger work one.

    Is that a contracted out scheme? If it is, then you may only be contracted out on paper with the HSBC one. Are you getting annual rebates paid into the HSBC plan?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rcbishop14
    rcbishop14 Posts: 9 Forumite
    Options
    I would contract back in. Either way just wait two years and you will be contracted back in anyway as the rules are changing.
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