Transferred DB Pension and COD deductions

JAG61

Just found a link in a posting by Jamesd which points to http://www.hmrc.gov.uk/ni/intro/online-statement.htm to ask for a copy of your NI record - so I have requested one for me and one for my husband.

I will get a BR19 sent off for him as well.

C_Mababejive

This is only a matter of passing concern to me but i have always been contracted out as i have been paying into a DB/FS scheme for some 34 years now and it is still active. The pensions admin people have stated they are going to up the contribution rate (april2016?) due to the ending of contracting out.

As i havent paid into serps for 34 years, am i likely to have made an overall gain? From 2016,will i be then paying into serps and accrueing some kind of benefit from it and if so, how is that calculated? sorry if covering old ground,,i need to re-read and absorb a little.

Linton

C_Mababejive wrote: »

As i havent paid into serps for 34 years, am i likely to have made an overall gain? From 2016,will i be then paying into serps and accrueing some kind of benefit from it and if so, how is that calculated? sorry if covering old ground,,i need to re-read and absorb a little.

You wont be paying into SERPs from 2016. SERPs is merged into the new SP. You will then be paying the standard rate of NI rather than a reduced rate. So you dont get any extra benefit.