serps missold?

catbasket

does anyone know what serps would have been if id not opted out?
state pension £148 . + ???? .
my forecast is only £113 .
it looks like im about £2000 a year down on the £ 148 to £113 .

if the serps bit is thousands , i cant see how my company pension which is about £7000 a year . adds up .

any ideas ?

Your_Hero

catbasket wrote: »

does anyone know what serps would have been if id not opted out?
state pension £148 . + ???? .
my forecast is only £113 .
it looks like im about £2000 a year down on the £ 148 to £113 .

if the serps bit is thousands , i cant see how my company pension which is about £7000 a year . adds up .

any ideas ?

It would have been about the same as what you will get now from the opt-out part. Probably better if your company pension is a DB scheme, which from the sounds of it is possible.

It's a shame some people always look for ways to blame others for 'mis-selling'.

xylophone

When do you become eligible for state pension?

Where did the figures you cite come from?

DaveMcG

Presumably your grievance is that your employer's pension scheme is "contracted out" and you aren't getting any top up benefits or credits towards the new flat rate pension?

Were you "sold" the pension? I would imagine that you were offered membership and you accepted the offer. If you weren't advised in terms of the Financial Services Acts, its unlikely that you could claim mis-selling. It's also worth considering that you have presumably benefited overall from the scheme unless your contributions were very high so its unlikely that you have suffered a loss.

It is likely that in the next few years a number of people will be getting annoyed that they aren't receiving the full new flat rate state pension because of contracting out and there will probably be an attempt at suing someone or other, so no doubt the result will be reported in the press and you can take action if appropriate.

catbasket

xylophone wrote: »

When do you become eligible for state pension?

Where did the figures you cite come from?

sorry its the 1st time ive used anything like this hope im typing in right place .. got figures from u gov site

dunstonh

state pension £148 . + ???? .

The basic state pension is £113.75. Not £148. If you were contracted in then it would increase. It is not £148. I suspect you are mixing up the new single state pension rather than the current rules.

i cant see how my company pension which is about £7000 a year . adds up .

What type of pension do you have?
Defined benefit (one based on time in service)
Defined contribution (one invested in funds that you pick)

xylophone

When do you become eligible to draw your state pension?

Are you already drawing your occupational pension?

What kind of pension is your occupational pension?