SERPS pension losses

thehorologist

Case reopened
with apologies for reopening this thread, I was not detered by negative reponces and felt sure there was a case to be answered.
Further enquiries have led to an interestig revelation.
Although I was opted out of SERPS from April 1987 the Pension provider did not receive transfer of my first contibution until February 1989. I delay of 22 months when I was neither in SERPS not a private pension would help to explain why my potential anuity is less than my notional SERPS.

gadgetmind

dunstonh wrote: »

For the majority, its largely cost neutral but the ability to commence benefits early and take a lump sum from contracted out benefits is where most people gain.

Yup. That 25% can be invested in tax efficient ways, and you can start drawing at 55, so get plenty of pension out tax free or at basic rate before state pension kicks in.

My protected rights pot is worth well over £50k (even though I was late opting out and early to get back in) and I'm right glad that I have control of this rather than have to rely on HMG in my old age.

jamesd

The HMRC contracted out helpline told me that they would consider paying redress for demonstrated losses where payments were unduly late. I don't know whether they would go back that far.

kidmugsy

My premium bonds don't always win. Who should compensate me?

Loughton_Monkey

kidmugsy wrote: »

My premium bonds don't always win. Who should compensate me?

Let's vote Gordon Brown back in. I hear he was just about to introduce:

• Premium bond non-winners' tax credits.
• 'Average family 'hit' by £9 a week hike in food prices' benefit of £3,500 a year.
• SERPS opt-out enhancement of 100% of fund.
• Free child care for all under-5's - but only for single parents, so they can go to play bingo every day more conveniently.

.......

thehorologist

kidmugsy wrote: »

My premium bonds don't always win. Who should compensate me?

I dont think your analogy is appropriate.
So if you bought your premium bond you would not feel a little bit anoyed to find you had not been entered into the draw for 22 months?
or if you prefer this analogy, if you gave your broker money to invest in shares, you would not feel cheated if he held your money for 22months before buying the shares?
If you feel obliged to enter this thread please try to be a little bit contrustive.

thehorologist

jamesd wrote: »

The HMRC contracted out helpline told me that they would consider paying redress for demonstrated losses where payments were unduly late. I don't know whether they would go back that far.

Thanks for this useful reply. When you contacted HMRC were you making enquiries on your own behalf in a similar senario?
Do you have the contact details for HMRC contracted out helpline?

jamesd

Here's the link for the contracted out helpline.

I was asking about a shorter delay of my own, much of which was after I'd asked HMRC to investigate why the payment hadn't been made.

Don't expect an immediate answer from the helpline. What they will do is probably confirm that redress payment are possible and tell you the address to write to. You'll have much less chance of success than me because of the longer time that has elapsed. Knowing when you discovered the discrepancy and how soon after that you acted may matter.

noh

jamesd wrote: »

The HMRC contracted out helpline told me that they would consider paying redress for demonstrated losses where payments were unduly late. I don't know whether they would go back that far.

The key words here are "demonstrated losses".
It may well be that there are none or may be that it was to the OPs advantage that they were delayed.
Also the delay is not 22 months. As far as I recall the rebates were made after the end of the finacial year.Therefore the first payment should have been (judging from when mine were paid) some time around July-Sept 1988.

thehorologist

noh wrote: »

The key words here are "demonstrated losses".
It may well be that there are none or may be that it was to the OPs advantage that they were delayed.
Also the delay is not 22 months. As far as I recall the rebates were made after the end of the finacial year.Therefore the first payment should have been (judging from when mine were paid) some time around July-Sept 1988.

Thanks for this. In order to understand your reply, are you saying that my NI contribution taken from my salary from April 1987 would not normally be invested in my personal pension until July-Sept 1988? Where has the money been for that period?
When you mention "rebates" are you referring to my NI contributions or just the tax incentives?

So assuming for the moment that it would normally be July-Sept before my contributions were applied to my personal pension, how do I go about demonstrating any losses for the period July-Sept until February the following year?

Thank you for your kind information I am gaining a greater understanding all the time.