Opt back into serps.

jem16

Phil_Doyle wrote: »

But why ? for what reason ?

Basically the amount of National Insurance rebate paid into your pension scheme may not be enough to replace the State Second Pension you have given up.

Read this guide;

http://www.thepensionservice.gov.uk/pdf/pm/pm7jan08.pdf

maryotuam

It's a long shot, but maybe try and write to one of the financial pages of the broadsheets and see if they will tease this question out for you.

You have my sympathy because my husband's firm opted their second pension out and as he was an older man we didn't have a clue whether that was a good thing or not. After being made redundant and becoming a carer it got even more confusing when it still seemed to be being paid into. I read in the financial pages that it was better as a carer to opt back in ....so we did!

Still havnt a clue what will become of the trivial sum invested when he reaches retirement age. I will watch this space in case someone knowledgeable comes along.

Good luck!

maryotuam

Jem 16 Thanks for the link.

dunstonh

I read in the financial pages that it was better as a carer to opt back in ....so we did!

Not quite in the way you put it. Occupation has no impact on the size of the rebate (if he was a carer by profession) and if he was a carer for a family member then he is not contracted out anyway. Contracting in or out in that case would have no impact on the state pension benefits. It just saves the pension provider writing to you each year to say if you want to contract in or not.