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Sunshine_and_Roses
Posts: 1,052 Forumite
I have put this off for so long, I need your advice on what to do please.
I was off work for 12 months when I was 17 (a frightening 17 years ago). At that time I took out a personal pension with Barclays as the government would pay my contributions due to me being on sick leave. I was advised by Barclays to contract out of serps, which I did. When I started work again it was only temp work, so did not contribute to this pension fund.
I then got a job with Royal Mail, and paid into their pension fun for 10 years. When I left to go to another job with a Local Government Pension Sceme, I froze the Royal Mail pension. (Still don't know whether I did the right thing or not, but too late now as that was over two years ago).
I am now getting letters from Barclays asking if I want to contract back into
S2P - and I have not got a clue what to do.
Can anyone advise whether I have done the right thing with pensions so far, and what to do about contracting back into this S2P thingy???
Thanks
I was off work for 12 months when I was 17 (a frightening 17 years ago). At that time I took out a personal pension with Barclays as the government would pay my contributions due to me being on sick leave. I was advised by Barclays to contract out of serps, which I did. When I started work again it was only temp work, so did not contribute to this pension fund.
I then got a job with Royal Mail, and paid into their pension fun for 10 years. When I left to go to another job with a Local Government Pension Sceme, I froze the Royal Mail pension. (Still don't know whether I did the right thing or not, but too late now as that was over two years ago).
I am now getting letters from Barclays asking if I want to contract back into
S2P - and I have not got a clue what to do.
Can anyone advise whether I have done the right thing with pensions so far, and what to do about contracting back into this S2P thingy???
Thanks
0
Comments
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I am now getting letters from Barclays asking if I want to contract back into
S2P - and I have not got a clue what to do.
Its a technicality only. Nothing to concern yourself with as you havent been contracted out of serps/s2p with regards to this personal pension for a long time. You have been only on paper.
You may as well fill in the paperwork to contract back in just to tidy the admin error up.
As long as you are in the occupational pension schemes, you are doing the right thing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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