Serps Funds

scotsw2

Hi all, I am sure this will have been covered before....

In May 1988 I contracted out of SERPS and to be honest pretty much forgot all about it. Several addresses later (without advising the Provider), I have caught up with these funds.

I have about £25,000 in the SERPS policy. I wanted to know if I can move these funds to another scheme?

Since taking this scheme out I have taken out a stakeholder pension scheme (that was after a personal pension plan with Equitable Life!!!!) , am making hefty conributions to this (along with my employer) and think the returns would be better than the SERPS policy who's performance over the 17 years I have had it does not seem to be that great!

Many thanks

dunstonh

I wanted to know if I can move these funds to another scheme?

Yes. Although you should check to see whether pre-royal assent July 1989 rules apply to this plan and if there are any guaranteed minimum fund values/annuity rates. In addition you should verify the charges on transfer and what they are if it remains. If may be cheaper to stay.

and think the returns would be better than the SERPS policy who's performance over the 17 years I have had it does not seem to be that great!

Pension is one thing. The fund(s) is another. Its not necessarily the pension that has performed bad (unless its a heavy charger). Its the fund. Has the pension got access to any other funds and would they be more suitable/cheaper for you than moving it?

scotsw2

For the very helpful reply.

If memory serves me correctly, I took the pension out as there were advantages to taking it pre end May 88, lump sum percentages etc were higher. I'll look into this and the other funds available. Now at least I know where to start!

Many thanks