Civil Service Pension Choices and SERPS

Jono10

Hello everyone,

I am hoping that one of you intelligent people out there can help me with a decision that have to make about pensions choices.

Within the next two months I will be joining the Prison Service and I have received an information pack about pension choices. I am 39 years old and do not currently have a pension. I know that you probably want to beat me around the head right now, but your help would be greatly appreciated.

In the pack I have been given two options, nuvos or partnership pension. I know nothing about pensios, and find the information confusing. Would I be better choosing 'nuvos' or 'partnership pension'? There are also 3 choices for the partnership pension - Scottish Widows, Prudential and Standard Life.

Also, when I was sixteen years of age, someone came to my work place to talk about signing over my SERPS. Naively I signed on the dotted line without understanding what I was signing up to. Can anyone explain what I have done and how it effects me.

Replies would be greatly appreciated.

yelf

regards SERPS: you will receive a lower state 2nd pension as the government have rebated part of your NIC into a personal pension. So you will have a personal pension somewhere

Jono10

Thank you Yelf,

Do you know how I can find out where this personal pension is?

markeymark

think you pay 3.5% with nuvos, on the civil service website there is a calculator that tells u how much youd get etc id imagine u ill be going until at least 65? if so u r looking at 26 years, u cant buy added years now but u can have additional voluntary contributions