Old Pension help - PRP

flinko

Hi all,

I had a Group Personal Pension Scheme for a few years back in 2000-2002ish. Having recently joined a new company scheme, I wondered whether it would be worth transferring this old pension into my new one.
However, the old pension is getting circa £1200 credited in each year under the title "Contracted out rebate or PRP" (transaction title - "DSS Contributions"). I have no idea what this means, but does it mean that it would be better off left there? what does that title mean anyway?

thanks in advance for any advice!

dunstonh

I wondered whether it would be worth transferring this old pension into my new one.

That would require an analysis of the old pension and the new one to see which is best (plus comparison with others to ensure that a new one may not be better)

However, the old pension is getting circa £1200 credited in each year under the title "Contracted out rebate or PRP" (transaction title - "DSS Contributions"). I have no idea what this means, but does it mean that it would be better off left there? what does that title mean anyway?

You must be looking at old statements as it hasnt been possible to be contracted out of S2P since April 2012. Everyone that was contracted out at that point was automatically contracted back in. So, I wouldnt worry about that as it no longer applies.

xylophone

However, the old pension is getting circa £1200 credited in each year under the title "Contracted out rebate or PRP" (transaction title - "DSS Contributions").

http://www.hmrc.gov.uk/ni/reducedrate/contractedout.htm

PRP See http://www.hmrc.gov.uk/leaflets/ca15.pdf glossary page 8

I had a Group Personal Pension Scheme for a few years back in 2000-2002ish.

What happened after that and before you joined your current scheme?

flinko

dunstonh wrote: »

You must be looking at old statements as it hasnt been possible to be contracted out of S2P since April 2012. Everyone that was contracted out at that point was automatically contracted back in. So, I wouldnt worry about that as it no longer applies.

Last credit/contribution was July 2012.
So if it no longer applies, there's no benefit keeping it there?

xylophone wrote: »

What happened after that and before you joined your current scheme?

I didn't have any pension between then and when I started with my new company in 2009.
I am now on a company pension, pay 4% employer pays 8% etc.

bigadaj

So this just means you're not getting the rebate since 2012.

The options are to leave the pension where it is, transfer into the new scheme if they allow it or transfer into a new personal pension.

The main considerations in deciding which option are the charges and costs as well as the investment options they offer and whether you make use of them.