DWP Contact regarding Sun Life Financial

bdt1

Hello, I was recently contacted from DWP in connection with Sun Life trying to trace me. I submitted the requested documents to prove who I was to them and have apparently 2 pension policies which are still active.

I'm 43, the 1st policy was apparently taken out when I was 18 (still only just at 6th form) so cannot see how this date adds up - why would I take out a pension when I'm in 6th form? But it states that the plan is an 'appropriate personal pension' and that the premium was DSS Contributions, and that the money is in a managed pension??

Can anyone help with this?

The 2nd policy was taken out when I was 29, and employed, but I know that over the years I have dipped in and out of work /private pensions!! This one states that the premium source was 'the policyholder', the plan name is 'your generation transfer OR', it is still in force and that the premium was a sum of money 'single premium'???

Sorry this is totally new to me, I have an approximate value of the 2 funds, yet would like to understand the policies themselves and what they mean as well as the original terminology for their origins, especially the DSS one, as I have never not worked

Kind regards , hope someone can help??

jamesd

You may have been doing some work while in the sixth form and may have contracted out of SERPS to get those contributions.

First stop is the HMRC Contracted Out Helpline. Ask them for details of all periods when you were contracted out, how much was paid and into which schemes. Take notes so you only have to ask once.

Nest stop is the Future Pension Centre to start. Ask them for details of each year that you've worked, how much your contributions to the state pensions were and whether each year counted for the basic state pension. Then ask if they have any idea from that what happened or who to ask next for information. take notes so you only have to get the payment information once.

Between the two you'll probably end up finding out that the contributions were contracted out payments.

thorsoak

Sun Life Financial is the derivitive of Sun Life of Canada - and this was a company whose reps would call on you/your family at home.

Did your parents have any policies with SLOC? If so, I'll lay odds on the fact that the rep at the time sold you (at 18) the "contracted out" pension in the late 1980s when it was "the best thing to do";)

xylophone

http://www.hmrc.gov.uk/manuals/remanual/RE277.htm
http://www.hmrc.gov.uk/manuals/remanual/RE296.htm

bdt1

Ok thanks whilst studying I did work part-time at Tesco's to bring in some income, so maybe this was where some of it came from, also maybe my parents were sold a policy I will ask them