SERPS pension advice please

prettyplease

Hi,
im currently tackling my debts on the DFW board but this has made me open my eyes to all my financial dealings and I am really not understanding the choices Ive made around pensions so help (in a numpty proof format!) would be most welcome.

I am 38 and have been paying into my old system NHS pension for 11 years. This is not a worry to me. When i was about 16 / 18 however and went to pay money into a building society - think it was abbey national - I was almost as I remember it intimidated into contracting out SERPS with financial provident. Im quite a shy person and a salespersons dream customer as I find it hard to say no. I used to get annual statements from them but moved house 7 years ago and sent a letter to update details but never heard from them again.

I dont really understand the impact this would have had on my state or NHS pension. Ive always been in work and payed NI contributuins. Could anyone advise a) what the impact could be and b) what I should / could do about this

Thanks in advance

dunstonh

When i was about 16 / 18 however and went to pay money into a building society - think it was abbey national - I was almost as I remember it intimidated into contracting out SERPS with financial provident.

You couldnt have a pension until 18 back then. So, it would have been at least 18.

I dont really understand the impact this would have had on my state or NHS pension.

None whatsoever on your NHS pension. The state pension is made up of multiple bits. For the last 11 years you have been contracted out with the NHS scheme. Prior to that it would have been this other personal pension. So, you would qualify for the basic state pension but not SERPS/S2P. However, some rule changes coming will see how all this is calculated change. The bottom line is that it hasnt really impacted on anything.

b) what I should / could do about this

Make sure they have your current address and tell them you havent had a statement in years and could you have up-to-date information on it.

Daniel_Elkington

If the tories have their way with the simplified pension you may have been gifted another pension by the previous lot!