Many years ago...SERPS

SR999

A long time ago I opted out of SERPS foolishly and this fund is now in the private sector and moves funds every 2 years. This doesn't fill me with confidence and I would like to ask the following questions please?

1. Is it possible to move this fund back into the Gov second pension scheme?

2. Any ideas of how I can stop this fund being moved about so much?

3. Is is too late to complain about being mis-sold a pension i.e. contracting out of SERPS?

I would be grateful of any advice with this confusing issue.

Steve

M.R.W.

Hi there,

In response to your questions;

1. Is it possible to move this fund back into the Gov second pension scheme? No, this would not be possible.

2. Any ideas of how I can stop this fund being moved about so much? If your pension provider is switching your funds then this could be 'lifestyling', which is where the pension provider gradually and periodically moves your funds into lower risk assets as you approach retirement. You can contact them and turn off this lifestyling if you wish.

3. Is it too late to complain about being mis-sold a pension i.e. contracting out of SERPS? Never too late to complain about being mis-sold the pension, but bear in mind that hardly any contracting-out complaints are upheld. Hopefully someone else can offer more info on this?

Matt

SR999

M.R.W. wrote: »

Hi there,

In response to your questions;

1. Is it possible to move this fund back into the Gov second pension scheme? No, this would not be possible.

2. Any ideas of how I can stop this fund being moved about so much? If your pension provider is switching your funds then this could be 'lifestyling', which is where the pension provider gradually and periodically moves your funds into lower risk assets as you approach retirement. You can contact them and turn off this lifestyling if you wish.

3. Is it too late to complain about being mis-sold a pension i.e. contracting out of SERPS? Never too late to complain about being mis-sold the pension, but bear in mind that hardly any contracting-out complaints are upheld. Hopefully someone else can offer more info on this?

Matt

Thank you so much Matt

hieveryone

My father in law just complained re: mis-selling of a contracted out pension. He received a letter the other day with the offer of many thousands of pounds. This dates back to the late 80's.

Good luck.

dunstonh

2. Any ideas of how I can stop this fund being moved about so much?

Funds only get moved about if you tell them to be moved or your servicing adviser recommends they are moved. Otherwise the fund stays in the same place.

3. Is is too late to complain about being mis-sold a pension i.e. contracting out of SERPS?

What is your complaint?

The FSA found a potential failure rate of just 1.5% on contracting out. The FOS complaints stats show they uphold just 1% of complaints on contracting out.

For most people, contracting out has been beneficial. e.g. being able to commence the pension earlier than state pension age. Being able to get a lump sum on commencement (you cannot if you are contracted in) and death benefits are frequently better as well.