S2P & NHS / Local Government schemes

smeagol_2

Hi

I know there has been a lot said about S2P lately but this is a new angle, hopefully ;-)

I contracted out of SERPS when that was first offered, back in 198?. For the past 5 years I have been a member of the NHS scheme and have now joined the Local Government scheme.

From what I understand the NHS and probably Local Government schemes means that your NI contribution goes into those schemes, or is diverted elsewhere by the government, and that you don't get the S2P contributions sent into your contracted out pension.

If this is correct then is it worth contracting back in or should I leave the contributions in the contracted out scheme, which is held by Standard Life so there is the possibility of the windfall payment is Standard Life demutualise.

I intend, at the moment, to stay in local government or NHS schemes until retirement and am 40 now.

Any advice appreciated.

thanks

dunstonh

You cannot contract back in as you are contracted out as part of the occupational scheme. You don't get a choice on this matter.

To be honest, I don't know if the occupational scheme will take protected rights or not but there is only one way to find out and that is ask the trustees.