Help I need some advice

xqb38i

I have just received my Pension forecast from work which has brought me to question my plans for retirement. I opted out of SERPS a while ago now and set up a private scheme beleiving that when i retire the state pension would be negligible.
My scheme was funded by refunds of my NI contributions which stopped when I joined my current employer. What I didn't know until now was that I am paying less NI than others so I have not had any contributions put into my plan for quite a while now. I have spoken to the DWP who say that it would be unlikely my employer who is government agency would let me opt back into SERPS/S2P due them having to pay more themselves. I have contacted my private pension provider who syas I cannot make any voulutary contributions to my plan as it was funded by NI refunds.
So my question is do I
1 try to opt back into SERPS/S2P and if I did would my contributions then go back into my plan?
2. Move the exsisting capital in my private plan into a new one and make cotributions from my monthly wage (which my private firm said I could do).

help

EdInvestor

Hi xqb

Sorry, I'm not clear: are you currently contracted in or out of SERPS/S2P?

xqb38i

Yes I am contracted out of SERPS

dunstonh

I have spoken to the DWP who say that it would be unlikely my employer who is government agency would let me opt back into SERPS/S2P due them having to pay more themselves. I have contacted my private pension provider who syas I cannot make any voulutary contributions to my plan as it was funded by NI refunds.

The decision to contract in or out is yours and not the employer.

However, if you are in the Final salary occupational pension of the employer, then you are probably contracted out with no choice. This is a different form of contracting out to that used by a personal pension.

1 try to opt back into SERPS/S2P and if I did would my contributions then go back into my plan?

If you arent a member of the final salary occupational scheme, you cannot contract in. If you are not and contract in, it will have no impact on past years.

2. Move the exsisting capital in my private plan into a new one and make cotributions from my monthly wage (which my private firm said I could do).

None of that has any impact on whether you can or cannot unless, again, its a final salary or COMP scheme.