We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Compulsary Opt-In to SERPS
Mike_J
Posts: 998 Forumite
Had a letter from Scottish Widows saying that from 6 April 2012 I will be forced to opt back into the SERPS. I opted out a good few years ago and when the advise "changed" DID NOT opt back in as I was of the opinion that by the time I come to retire SERPS probably wouldnt exist.
What I was wondering is:-
a) will any benefits I accrued under my opt-out pension still be paid from Scottish Widows or is it as though it never happened, and
b) how does this forcing people to opt back into SERPs sit alongside the announcement in the last budget about the aim for a fixed flat single rate pension ?
What I was wondering is:-
a) will any benefits I accrued under my opt-out pension still be paid from Scottish Widows or is it as though it never happened, and
b) how does this forcing people to opt back into SERPs sit alongside the announcement in the last budget about the aim for a fixed flat single rate pension ?
0
Comments
-
-
Thanks for this xylophone.
I'm still confused by the last paragraph, as in my own case, my provider is merging my two 'pots' into my stakeholder. I'm still not sure whether that is the best thing to do.0 -
b) how does this forcing people to opt back into SERPs sit alongside the announcement in the last budget about the aim for a fixed flat single rate pension ?
SERPS was abolished years ago and replaced with S2P. The various additional state pensions over the years are generally put together as "additional" state pensions. The proposed single state pension doesnt have an "additional" element. Which is the point.s in my own case, my provider is merging my two 'pots' into my stakeholder. I'm still not sure whether that is the best thing to do.
Providers are doing this differently depending on their software. Protected rights are being reclassified as non-protected rights. However, some providers cannot merge the two into one pot at this time. So, they are keeping them as two pots of non-protected rights until they can merge them. Others can merge and will merge. It really makes no difference at all. Its just a short term admin thing.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Providers are doing this differently depending on their software. Protected rights are being reclassified as non-protected rights. However, some providers cannot merge the two into one pot at this time. So, they are keeping them as two pots of non-protected rights until they can merge them. Others can merge and will merge. It really makes no difference at all. Its just a short term admin thing.
Oh, ok. That's reassuring.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards