S2p

Sunshine_and_Roses

I posted something similar but onto another thread in error. I am really sorry if I offended anyone by doing this - it was a genuine mistake - but I dont know how to move it so will start again.

I have received a letter from Barclays this morning saying I needed to decide whether I want to contract back into S2P. I started a pension sceme with them 20 years ago when I was on sick leave, and my contributions were paid by DSS. The value of this is next to nothing.

I now have a pension scheme with my current employer, and one frozen with a previous employer.

Can anyone advise what to do with S2R letter I have had?

Thanks

dunstonh

I posted something similar but onto another thread in error. I am really sorry if I offended anyone by doing this - it was a genuine mistake - but I dont know how to move it so will start again.

It didnt offend, its just polite not to hijack.

Can anyone advise what to do with S2R letter I have had?

Your occupational schemes took over contracting out from Barclays as final salary schemes take priority. So effectively, you are only contracted out on paper with Barclays. They are not receiving any rebates so its a non-issue. To save future paperwork you should contract back in.

Sunshine_and_Roses

Thanks for the advice. I have just checked the Barclays paperwork, it has a possible retirement fund of £4310, with a yearly taxable pension of £165!! In thirty years time that may buy me a glass of wine at Christmas! Is it worth doing anything with this plan or leaving it as it is?

dunstonh

In thirty years time that may buy me a glass of wine at Christmas!

It should continue to grow at an average that exceeds inflation so the spending power should be consistent over the long run. However, there is no way it is going to be worth much in the long run without it being added to.

Is it worth doing anything with this plan or leaving it as it is?

You could enquire if your occ scheme will accept it as a transfer in. However, a number of final salary schemes will not accept transfers from protected rights (the bit from contracted out). You can but ask though.

Sunshine_and_Roses

Thanks very much for the advice, you have clarified a lot of things for me :beer: