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Additional state pension contributions, can they be transferred to personal pensions
scottrich
Posts: 4 Newbie
Excuse my ignorance, but is it possible to transfer SERPS /SP2 additional state pension contributions to your own private pension fund?
I'm asking because I have recently had to value these contributions (for a fairly common reason) and would like to know if I can take them from government hands (into my own control).
Would be grateful for any information.
Many thanks.
I'm asking because I have recently had to value these contributions (for a fairly common reason) and would like to know if I can take them from government hands (into my own control).
Would be grateful for any information.
Many thanks.
0
Comments
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Excuse my ignorance, but is it possible to transfer SERPS /SP2 additional state pension contributions to your own private pension fund?
I'm asking because I have recently had to value these contributions (for a fairly common reason) and would like to know if I can take them from government hands (into my own control).
Would be grateful for any information.
Many thanks.
No...unless you are referring to SERPs/S2P contracted-out contributions which doesn't appear to be the case.
The only time I can think of when you would value these is for a Divorce settlement, either as part of the pension sharing arrangement or pension offsetting.
Even under the pension sharing arrangement, the additional state pensions aren't actually "shared" like a normal pension fund would. A debit would be recorded against your entitlement and a corresponding credit would be added to the ex-partner's entitlement.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Many thanks....correct about the reason...0
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