Help needed! SERPS

karlos848

Hello one and all! First timer here!

About 20 years ago I (from memory) contracted out of SERPS. I have two issues concerning this: Firstly I dont actually understand what this means and what it entails and secondly I remember it being done through Allied Dunbar but do not seem able to contact the right department to find out what the score is! I am guilty of never changing my address with them, young and dumb I guess!, and guilty of being ignorant in this field.

If anyone can help I would be grateful.

Many thanks

karlos

MotheroftheKid

I'm in the process of doing this also - managed to get a form from Inland Revenue - CA1543 - it asks you details of who you contracted out with etc and policy number, but as you never passed on details when you moved, you will not have received the yearly statements they send. I think the first thing you should do is ring the Contracted-out Pensions Helpline on 0845 91 50150.

As far as what exactly it entails - contracting out - I have no idea either - let's hope someone on here will inform both of us!
Good luck.

seven-day-weekend

It means you have contracted out of S2P (formerly known as SERPS) which is the earnings related addition to your State Pension.

This is (AFAIK) probably because you have opted into a private or occupational pension.

So if this is still the situation at your retirement age, you will get basic State Pension (assuming you have enough National Insurance contributions) plus your Occupational/Private pension, whereas if you'd stayed in SERPS you would get your basic State Pension (same assumption) plus the SERPS.

Can't help you with anything else, but I think this bit is accurate!

dunstonh

There is a sticky thread at the top of this forum that explains it more. Read the thread backwards though as the early posts are no longer accurate.

EdInvestor

karlos848 wrote: »

Hello one and all! First timer here!

About 20 years ago I (from memory) contracted out of SERPS. I have two issues concerning this: Firstly I dont actually understand what this means and what it entails and secondly I remember it being done through Allied Dunbar but do not seem able to contact the right department to find out what the score is! I am guilty of never changing my address with them, young and dumb I guess!, and guilty of being ignorant in this field.

If anyone can help I would be grateful.

Many thanks

karlos

Contact the Pension Service and ask for details of where they are paying your NI rebates to.

https://www.thepensionservice.gov.uk

They should tell you the provider and the account number, then you can seek details of the state of the pension and update them was to your whereabouts.