Opt out of SERPS/S2P?

sinar

EdInvestor wrote: »

How much is your opt-out (SL) pension worth?

It does not say in the letter I have just received from them, I'll have a look and see if I can find some other paperwork with the amount,

Julie

billy0666

Hi
First time i have posted here.
I am in the same postion as sinar with the same company as well(standard life).
i contract out in 1988,i am now 40
the currant transfer valve of my plan is £18300
should i contract back in or leave it alone untill 2012 when they change the rules.

cheers billy.

dunstonh

should i contract back in or leave it alone untill 2012 when they change the rules.

Same answer as the others that have asked the same. Time to contract in is age 43 for male and 40 for female if you are looking at the size of rebate and time left.

sinar

EdInvestor wrote: »

How much is your opt-out (SL) pension worth?

I had to apply for the information online and it took a few days to get my password, the pension is currently worth £10,595.33.

I'm not sure what I should do, I'm 44 years old



Julie

EdInvestor

sinar wrote: »

I'm not sure what I should do, I'm 44 years old

Julie

You should opt back in.

tartanterra

Hi,

Some advice required on SERPS.
I would especially welcome the opinions of dunstonh and EdInvestor, but any opinion is welcome.

Below are bullet points of my current situation:

1. Paid SERPS for just over 2 years as an apprentice electrician.
2. Gave up apprenticeship and joined the Forces and will leave on 20 Apr 2010 after 23.5 years.
3. Have paid no SERPS whilst in the Forces, as I am a member of AFPS 75, and as such will recieve a substantial immediate pension when I leave in 2010.
4. Reasonable investments (30K+). 5K of this is in two stakeholder pensions which I started in anticipation of leaving the Forces (I am going back to being an electrician, self employed). I own my property outright, own a quarter of another property outright and have a small BTL mortgage on another property, which is more than covered by the tenants rent.

I would like to concentrate on building my second pension when I leave the Forces, so I can comfortably retire before I am 60.
My query is this: Is there any point in me making SERPS contributions when I leave the Forces or should I be looking at alternatives - and if so, what?

As before, any advice gratefully received. I do have a really good FA, but would like to get some alternative viewpoints/scenarios before speaking to him, as I don't believe there is such a thing as "too much advice"!

EdInvestor

tartanterra wrote: »

My query is this: Is there any point in me making SERPS contributions when I leave the Forces or should I be looking at alternatives - and if so, what?

You can't because self employed people are not eligible for SERPS.

tartanterra

EdInvestor wrote: »

You can't because self employed people are not eligible for SERPS.

Cheers!

So I assume, a stakeholder/SIPP type arrangement is the only option? And if so are there any advantages, pension wise, to being self employed?

dunstonh

So I assume, a stakeholder/SIPP type arrangement is the only option?

and personal pensions and S&S ISAs.

And if so are there any advantages, pension wise, to being self employed?

no different to being employed.

tartanterra

I will be trading as a limited company, so surely there must be some difference to what I'm doing now which is basically paying part of my salary into a stakeholder?
Can't the limited Co. make contributions as well?