SERPS should I opt back in?

leejenson

Hi,


I found some really old paperwork that says I opted out of SERPS in about 1992 (I am now 45). The company was General Portfolio, then it turned into Windsor Life and is now Reassure.


I have asked for a statement as it must have been going to an old address for years.


I am wondering if I need to reverse the opting out, not even sure if is still possible?


Also was opting out a the wrong thing to advise me and is there compensation?


Thanks


Lee

hyubh

leejenson wrote: »

I am wondering if I need to reverse the opting out

Contracting out was abolished for all but DB schemes a few years back, and will go for DB schemes too soon.

leejenson

Does that mean I have no choice but to keep it as is?
Lee

greenglide

You would only have been contracted out as long as you contributed to the fund. As soon as you stopped contributing you would be contracted back in.

Your fund should have a reasonable GMP attached - you need to see the statement.

leejenson

Thanks, I will wait for the statement, I haven't personally contributed for many years so perhaps I slid back in.
Lee

atush

You could always get a state pension statment showing how much s2p you have paid in and when. Would show you are contracted back in?

Bantex_2

atush wrote: »

You could always get a state pension statment showing how much s2p you have paid in and when. Would show you are contracted back in?

How do you do that?

dunstonh

Also was opting out a the wrong thing to advise me and is there compensation?

Why do you think that?

atush

Bantex wrote: »

How do you do that?

Contact DWP- think you can request it online. Make sure it is a statement not a forecast, as the current forecasts do not take into acct the new SP coming in April 2016

xylophone

as the current forecasts do not take into acct the new SP coming in April 2016

http://www.thisismoney.co.uk/money/pensions/article-2630415/Individual-statements-new-state-pensions-expected-summer.html might be of interest.

greenglide

xylophone wrote: »

http://www.thisismoney.co.uk/money/pensions/article-2630415/Individual-statements-new-state-pensions-expected-summer.html might be of interest.

I will believe it when i see it!