pension advice

webbit

years ago i contracted out of serps, when the government were offering an incentive, but about 6 years ago i contracted back in, but in this pension i have sat £10500. In the last year the value hs dropped, can i transfer this into a sipp or is there something else i can invest it in. Hgreave and Lansdown have wrote to me saying about an investment bonus before the new tax year, would i get this on my £15500? bearing in mind the £10500 from my serp contacted out would have gone to my state pension.
As i contracted out will i have a shortfall in NI contributions or will i get a lower state pension.
ALSO i have about £5000 SAT in a frozen Christian Salvesen pension, would it be better to merge these to in something else.
I currently work on the railway and pay into the final salary pension scheme and if i retire at 65 will have paid in for 33 years.

A lot of questions i know but pensions are so confusing

EdInvestor

webbit wrote: »

years ago i contracted out of serps, when the government were offering an incentive, but about 6 years ago i contracted back in, but in this pension i have sat £10500. In the last year the value hs dropped, can i transfer this into a sipp or is there something else i can invest it in.

What funds is it invested in now?What other funds does the pension provider offer? Check them out first before considering transfer elsewhere.

As i contracted out will i have a shortfall in NI contributions or will i get a lower state pension.

No.You contracted out oif the state 2nd pension, not the basic state pension.

ALSO i have about £5000 SAT in a frozen Christian Salvesen pension

What kind of pension is this, final salary? If so leave it, it is not frozen, but rising with inflation. If money purchase, what is it invested in?

moshi_2

Hi there both me and my husband contracted out of the serps pension, some 20 years ago, however I understand that by 2012 that we will no longer be able to do so, and we will have to contract back in. What will happen to our protected rights that we have built up when we have contracted out, can we keep this with our pension provider. Also when we come to retire, we are both 40 years of age so we will have 28years investing in the Second State pension, will we get this?

Many thanks for any information as really confused.

EdInvestor

moshi wrote: »

Hi there both me and my husband contracted out of the serps pension, some 20 years ago, however I understand that by 2012 that we will no longer be able to do so, and we will have to contract back in.

Correct.

What will happen to our protected rights that we have built up when we have contracted out, can we keep this with our pension provider.

Yes

Also when we come to retire, we are both 40 years of age so we will have 28years investing in the Second State pension, will we get this?

Yes. It should start to show up in your state pension forecasts after you have contracted back in.