Serps/stakeholder?

jow_2

I only work part time and dont work enough to earn NI and havent for the last 10 years (been looking after children), but in a previous job i opted out of SERPs, I have had a letter from Friends Provident saying I should decide if i want to op back in???

My present employer contributes to a small Standard Life Stakeholder as I do too, but not much as I dont earn much.

Does the fact that i have a Stakeholder mean I cannot opt back into the State pension?

Help, I dont undertand which way to go, any advice would be appreciated. THANKS

dunstonh

Does the fact that i have a Stakeholder mean I cannot opt back into the State pension?

It has no impact on it unless the stakeholder doesnt allow contracting out. Std Life do.

Help, I dont undertand which way to go, any advice would be appreciated. THANKS

We cannot give advice on regulated areas on the forum. We just dont know enough and would breach a number of FSA rules in doing so.

There are pros and cons to contracting out of S2P. You need to balance these to decide which is appropriate for your circumstances. A rough guide would be that 3 out of 5 are better off contracting in rather than out.

Very soon, you wont have the choice as the Govt plans to abolish contracting out through personal pensions.

EdInvestor

Have a word with the people at the state pension office.They can explain some issues.

https://www.thepensionservice.gov.uk

They can give you a forecast of your SERPs and basic state pension as well.

jow_2

Thanks for that, I will contact them and see what they have to say.

dunstonh

The form you need for a pension forecast is BR19. You can download it from the internet. http://www.thepensionservice.gov.uk/resourcecentre/br19/home.asp