A quick question about opting out and SERPS

Pompeyfan

I've just received my pensions statement from CIS - I opted out in around 1990 on the advice of the CIS salesmen even though I wasen't working at the time and haven't been earning enough to put any money in myself so the pot is only worth about 800 quid and £25 per year pension, and was opted back in when the government abolished the scheme - I've been on disability since 2003, and am 47 now so is there anything I could or should do with this pension? As its unlikely to grow and not really worth having as it stands.

Cheers

jem16

Pompeyfan wrote: »

am 47 now so is there anything I could or should do with this pension? As its unlikely to grow and not really worth having as it stands.

You can't do anything with it until age 55 other than leave it where it is or transfer it.

jamesd

Also, better to call it contracting out rather than opting out. The two things are different and what you did with SERPS was contracting out in 1990.