SERPS should I opt back in?

leejenson

dunstonh wrote: »

Why do you think that?

It was just because I was reading people were being advised wrongly about opting out historically.

leejenson

atush wrote: »

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

Thanks, yes I will get a statement from the DWP.


Lee

leejenson

I called Reassure today and they said it's currently worth £55,000. Can access when I am 55. Or merge it with another beforehand if I want. Will have to compare my work one.


They also said as per @greenglide that I will have been opted back in when my payments stopped, but they also said everyone was opted back in during 2012.


Thanks


Lee

dunstonh

It was just because I was reading people were being advised wrongly about opting out historically.

There were some claims companies making allegations like that some years ago but the regulator did a review of contracting out and found the very tiny potential failure rate of 1.5% of cases. The published a flowchart to see if it applied to you and your case, it wouldnt as you had to be over 45 at the point of contracting out to be potentially mis-sold.

Most retail products would be happy with a potential failure rate so low.

leejenson

dunstonh wrote: »

There were some claims companies making allegations like that some years ago but the regulator did a review of contracting out and found the very tiny potential failure rate of 1.5% of cases. The published a flowchart to see if it applied to you and your case, it wouldnt as you had to be over 45 at the point of contracting out to be potentially mis-sold.

Most retail products would be happy with a potential failure rate so low.

Ok thanks for the clarification @dunstonh .


Lee