serps scheme advice

mrclench

hi there ,i have got a serps scheme policy and it has been contracted out for a number of years.i have worked for the same employer for 9 years but none of my NI contributions have gone towards my serps scheme.do they need to know the details of this policy that i hold and can it be included on my tax form when i renew it .i am considering also swapping these funds over to scottish life from phoenix is this possible also.any help would be greatly appreciated.

dunstonh

.i have worked for the same employer for 9 years but none of my NI contributions have gone towards my serps scheme.

Is your pension still current contracted out? (many personal pensions contracted people back in on bulk around 2003-4 when Labour reduced the rebates making it harder for contracted out to work. Others also contracted people in automatically at age 45.

Or, are you a member of a defined benefit pension scheme or a contracted out money purchase scheme through work? These are above a personal pension in the pecking order. So, these would divert the contracted out rebate (or adjust how it works in the case of the defined benefit scheme).

do they need to know the details of this policy that i hold and can it be included on my tax form when i renew it .

There is no renewals attached to pensions. Contracted out rebates do not have anything on the tax return.

i am considering also swapping these funds over to scottish life from phoenix is this possible also.

It is possible. Scottish Life dont retail direct to public. So, you will need an adviser. If you have one then ask them the questions you have here.

mrclench

yes i believe it is still contracted out.also i do have a pension from an old employer which was paid into while i worked for that particular company.thanks for the help it is much appreciated.

dunstonh

Being contracted out and actually getting rebates are two different things. You could have 10 plans contracted out but only one will get rebates. The old employer scheme may have been higher up the pecking order in priority and got the rebates.