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Opting back into serps?
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# 1
Old 14-10-2009, 5:29 PM
MoneySaving Stalwart
Join Date: Jan 2007
Posts: 230
Default Opting back into serps?

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

slewis1972 is offline
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# 2
Old 14-10-2009, 5:50 PM
Mega Magnificent Maxi-Meticulous Uber-MoneySaving Magnate
Join Date: Apr 2004
Location: Norfolk
Posts: 76,768

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 a Financial Adviser. 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.
dunstonh is online now
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# 3
Old 19-10-2009, 11:35 AM
MoneySaving Newbie
Join Date: Oct 2009
Posts: 9
Default Contracting out ends in 2012

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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