Britannic Assurance contracted out SERPS scheme?

deepintrouble

Hi all,

In the early nineties when I first started work I was sold a "contracted out SERPS" scheme by the nice man from Britannic Assurance.

Since then I've moved house about 5 times and moved jobs a fair few times too.

I've read a bit on the web about these schemes and it all seems terribly complicated as to whether they were any good or not.

I've not had any information from anyone regarding this scheme for about ten years and would like to know the following.

Am I likely to still be paying into it, even though nothing shows on my wage slip?

Is this still the best thing to do (I'm 36)?

How do I get in contact with whoever controls this scheme now, and what information would they require?

What should I do from here?

Thanks

dunstonh

I've read a bit on the web about these schemes and it all seems terribly complicated as to whether they were any good or not.

Everyone who contracted out up to 1996 was financially better off. After 1997 when Labour reduced the rebates, contracting out become less attractive. The post 2006 rule changes and abolition in 2012 makes contracting out more attractive.

Am I likely to still be paying into it, even though nothing shows on my wage slip?

If you havent contracted in or your provider hasnt contracted you in then yes.

How do I get in contact with whoever controls this scheme now, and what information would they require?

Contact the provider, give them your current address (and previous) and NI number and ask for a statement and if you are still contracted in/out.

Valli

Britannic were taken over some time ago by Phoenix Life.

Do you want the address?

Britannic was in Birmingham; Phoenix are in Scotland.

lala9

I too did this in the early 90s. But around 2007 closed this scheme and paid a lump sum of around £800 if I remember rightly into my current company pension scheme. Was this the right thing to do? Not knowing diddly squat about pensions etc.