Should I opt back into SERP

jozvaldo

Not sure about opting back in but I know a few colleagues are in the process of getting between £1k and £8k back as they were ill advised about opting out of serps orginally. Take a look at the website morgangreenlimited in london ( I have nothing to do with them!!) - may be worth giving them a call - you could be in for an extra pressie :-)

Good luck

jem16

I would steer clear of Morgan Green having read this thread.
http://forums.moneysavingexpert.com/showthread.html?t=281165

dunstonh

jozvaldo wrote:

Not sure about opting back in but I know a few colleagues are in the process of getting between £1k and £8k back as they were ill advised about opting out of serps orginally. Take a look at the website morgangreenlimited in london ( I have nothing to do with them!!) - may be worth giving them a call - you could be in for an extra pressie :-)

Good luck

Morgan Green are a disgrace and should be avoided at all costs.

The FSA have identified around 250,000 people were outside of the normal contracting out ages and are potentially mis-sold. Morgan Green say "As many as over 4 million people may be affected. (YET ANOTHER financial SCANDAL)."

An announcement on these is due in the new year with most expecting the FSA to instruct the advising firms to check on those cases (unlike endowments, these can actually be identified).

No need to pay these thieving claims companies like Morgan Green.

Plus, if the redress was only £1000-£8000, then that doesnt suggest much loss at all. After all, we are only 4 years past the worst stockmarket crash in recent history. Give it another 5 years and many people will be better off again. In 1996, the SIB said that everyone that had contracted out was financially better off. In 2002, everyone was worse off (unless they had already commenced the pension). In 2006 a third are better off again. Many think that is why the FSA dragged its heels on this as it would allow the recovery in the markets to put people back into surplus or a cost neutral position.

That redress is also payable into the pension not their pocket but they now have to find 15% plus VAT on top of the £500 up front out of their own pocket for a standard letter that stands little chance of success.

It is hoped that the financial services companies will lobby the FSA and not allow those with upheld complaints to take their benefits earlier than state retirement age and not allow the 25% lump sum. After all, if you say you shouldnt have been contracted out and are successful, you shouldnt have any of the benefits of contracting out.

btw, Morgan Green are not based in London. They are based in Bath but run their claims side from Southern Spain. You have to laugh at their web page as well. Picture of a Courthouse giving the impression that they are solicitors. They are not. You could call yourself a claims specialist overnight and do what they do on a home PC. One standard letter for everyone that pays you.