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  • FIRST POST
    • slewis1972
    • By slewis1972 14th Oct 09, 6:29 PM
    • 230Posts
    • 25Thanks
    slewis1972
    Opting back into serps?
    • #1
    • 14th Oct 09, 6:29 PM
    Opting back into serps? 14th Oct 09 at 6:29 PM
    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
Page 1
    • dunstonh
    • By dunstonh 14th Oct 09, 6:50 PM
    • 84,053 Posts
    • 49,067 Thanks
    dunstonh
    • #2
    • 14th Oct 09, 6:50 PM
    • #2
    • 14th Oct 09, 6:50 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • rcbishop14
    • #3
    • 19th Oct 09, 12:35 PM
    Contracting out ends in 2012
    • #3
    • 19th Oct 09, 12:35 PM
    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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