Can I still opt back into SERPS??

Nortoner

Hi all,

I was advised as a 16 year old back in 1988 to opt out of SERPS (the entire company did this). I've been in continuous work since and have always paid into a workplace pension scheme (I'm assuming they have all been opted-out). I have to admit that I've never really understood opting in or out and it was never fully explained, I just believed we all had to do this as we were actually told that when I retired there would be no state pension (in hindsight, what amazing pension advice!).

I'm not sure this is the best thing but have never received any advice and am confused. I think that the amount I would have paid to the 'second' state pension would go into my private pensions so I shouldn't be any worse off on retirement??

I've telephoned Standard Life to ask if I can opt back in, to be told quite curtly "there is no SERPS any more, you're either in or you're out".

Can I still opt back in? How do I do this? Have I missed the boat?

dunstonh

Can I still opt back into SERPS??

You cannot contract back into SERPS as
1 - SERPS was abolished in 2002 and replaced with S2P (state second pension)
2 - All forms of contracting out (apart from occupational) were abolished in 2012 for those that were still contracted out.

I've been in continuous work since and have always paid into a workplace pension scheme (I'm assuming they have all been opted-out).

Assumptions are not really a good idea. Most did not contract out.

You cannot contract back in because you were already contracted back in (either in 2012 when it ended or if you joined a workplace scheme that was contracted out - which would have taken priority over an individual scheme).

Also, opting out means something different. Opting out means not joining a workplace scheme. You dont opt out of SERPS. you contracted out of SERPS.

xylophone

Re new state pension https://www.gov.uk/new-state-pension/overview

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/181237/single-tier-pension-fact-sheet.pdf

Even for the Defined Benefit Occupational Schemes it ends in 2016 with the advent of the new state pension.

Nortoner

Thanks Dunster, sorry, I meant that I have assumed that my workplace schemes would continue to be contracted out (not opted out) after I contracted out in 1988.

So there's a chance that was still contracted in under some of my workplace schemes and may have been paying into SERPS/second state pension for some time?

Can I contract/opt into SP2 whilst having a workplace scheme?

Sorry so many questions, I'm finding it all very confusing. Thank you for your help here, it's very much appreciated.

Nortoner

Checked my payslip and I'm NI category A - so contracted in - who knew??

Lesson learned, to check my finances properly!!

Thanks for the advice here - I've had better help on here than through my pension adviser.