Opt out of SERPS/S2P?

xylophone

Protected rights are now just ordinary pension rights so in effect you have a personal pension with Aviva?


http://www.aviva.co.uk/savings-and-retirement/news-views/frequently-asked-questions.html

"What's the difference between protected rights and non-protected rights?

Protected rights were the value of the government's payments paid into your own pension arrangement. The money came from National Insurance contributions you made above those needed for the basic State Pension. If you contracted out of the State Earnings Related Pension Scheme (SERPS) or the State Second Pension, the government redirected your contributions to your personal pension instead. This was known as 'contracting out'.

Non-protected rights were the value of the payments that you and/or your employer made into your pension fund.

There used to be a difference between how you could use protected rights and non-protected rights benefits. When contracting out ended on the 6 April 2012 this difference ended and protected rights and non-protected rights are now treated the same."



Do you get annual statements?

When do you think that you will access the pension?

Jhoney_2

xylophone wrote: »

Protected rights are now just ordinary pension rights so in effect you have a personal pension with Aviva?


http://www.aviva.co.uk/savings-and-retirement/news-views/frequently-asked-questions.html

"What's the difference between protected rights and non-protected rights?

Protected rights were the value of the government's payments paid into your own pension arrangement. The money came from National Insurance contributions you made above those needed for the basic State Pension. If you contracted out of the State Earnings Related Pension Scheme (SERPS) or the State Second Pension, the government redirected your contributions to your personal pension instead. This was known as 'contracting out'.

Non-protected rights were the value of the payments that you and/or your employer made into your pension fund.

There used to be a difference between how you could use protected rights and non-protected rights benefits. When contracting out ended on the 6 April 2012 this difference ended and protected rights and non-protected rights are now treated the same."



Do you get annual statements?

When do you think that you will access the pension?

Thanks for replying.

Yes I get an annual statement on birthday anniversary. I was lead to believe that I have access from 55 as a lumpsum. That was as it stood approximately 16months ago.

Archergirl

Tried to follow the thread but baffled, frankly. Please ask if you need to know something more in order to answer my question..........

This post started in 2005, you would have been better to have started a new one.

Jhoney_2

Thanks for reply. I appreciate what you mean, but it is just a quick question related to the overall thread topic so thought best to put it here for everyone's benefit than to scatter/isolate it.

I have received a related reply so it was a good risk.

xylophone

Yes I get an annual statement on birthday anniversary. I was lead to believe that I have access from 55 as a lumpsum. That was as it stood approximately 16months ago.

But do you want to access it as a lump sum?


What about the taxation aspect?

http://www.thisismoney.co.uk/money/pensions/article-2984076/THE-PENSIONS-REVOLUTION-30-years-saving-don-t-decide-30-minutes.html

What options will be offered by Aviva under the "pension freedom"
legislation?

http://www.aviva.co.uk/healthcarezone/document-library/files/ge/gen5387.pdf

Jhoney_2

xylophone wrote: »

But do you want to access it as a lump sum?


What about the taxation aspect?

http://www.thisismoney.co.uk/money/pensions/article-2984076/THE-PENSIONS-REVOLUTION-30-years-saving-don-t-decide-30-minutes.html

What options will be offered by Aviva under the "pension freedom"
legislation?

http://www.aviva.co.uk/healthcarezone/document-library/files/ge/gen5387.pdf

Thanks, I will have a good read of these, but it's just a small some of approx 30k which I intend(ed) to take out in allowable increments to pay down my mortgage.

I have no idea at this point if that is a sensible proposition but I want shot of my mortgage debt asap. I do not expect much in the way of pension income coming of it, but the mortgage debt is real and unyielding.

weed10265

xylophone wrote: »

But do you want to access it as a lump sum?


What about the taxation aspect?


What options will be offered by Aviva under the "pension freedom"
legislation?


Hi
I am Sorry for cutting into this conversation as I have been watching this thread the last few weeks but I have a Serps pension sitting which I started in the early 90's and I have just turned 50.
Can I have access to the fund now or do I have to wait until I am 55?

dunstonh

weed10265 wrote: »

xylophone wrote: »

Hi
I am Sorry for cutting into this conversation as I have been watching this thread the last few weeks but I have a Serps pension sitting which I started in the early 90's and I have just turned 50.
Can I have access to the fund now or do I have to wait until I am 55?

55-75 is the current pension commencement age range unless you have a protected scheme age (small minority do).

It is to reduce the chances of people blowing their money before they actually need it in retirement.

atush

Jhoney wrote: »

Thanks, I will have a good read of these, but it's just a small some of approx 30k which I intend(ed) to take out in allowable increments to pay down my mortgage.

I have no idea at this point if that is a sensible proposition but I want shot of my mortgage debt asap. I do not expect much in the way of pension income coming of it, but the mortgage debt is real and unyielding.

Why do youw ant to get rid of your mtg? what rate is it?

Most mtg rates are really low (I am pying jsut over 1%) and are easy to beat with investments. So keep the money in the pension, and keep adding to the pension.

Review this when rates go up, or you take your 25% TFLS and perhaps pay it off then?

weed10265

dunstonh wrote: »

weed10265 wrote: »

55-75 is the current pension commencement age range unless you have a protected scheme age (small minority do).

It is to reduce the chances of people blowing their money before they actually need it in retirement.

How do you know if you have a protected scheme as looking over the info I have it does not mention it?