Abbey Life SERPS Opt out

booglebun

I opted out of SERPs with an ABBEY sales person in 1988 and now nearing retirement I'm getting pensions in order.

I have no paperwork about my opting out and would like to know how to claim any pension from the opt out with Abbey Life or whoever they have been bought out by.

How do I track it down and what do I have to do to get any entitlement please?

dunstonh

I have no paperwork about my opting out and would like to know how to claim any pension from the opt out with Abbey Life or whoever they have been bought out by.

You contact abbey life and tell them you wish to commence your pension and ask them for figures. Or you get a local IFA to do it for you as they can probably get you a better rate.

xylophone

http://www.abbeylife.co.uk/Pages/Home.aspx

Have you never received any statements?

jamesd

Also ask them if there is a guaranteed annuity rate. Sometimes old plans can have guaranteed rates that are much higher than current annuities.

Unless there is a guaranteed annuity rate it'll probably be in your best interest to get an IFA to find you the best annuity deal rather than going with whatever Abbey Life offers. If you want to buy an annuity instead of using drawdown for income production. Also worth knowing that ill health and things like smoking that reduce life expectancy increase annuity payout rates and it's important to fully disclose such things, lest you get less money than you could.