What to do with Contracted out/in pension

Mac1977

I am in an occupational pension scheme through my employer with Scottish Widows. A few years ago I opted to contract out of the SERPS element (I think that's what it is called) and have a separate pension provision for this also with Scottish Widows. I opted back in last year or the year before.

I received a statement recently for the Contracted-out company personal pension plan showing a transfer value. Do I need to have the 2 separate pension provisions with Scottish Widows or can I combine them? If so, would there be any advantage to combining or am I just as well letting them both run?

EdInvestor

Mac1977 wrote: »

I am in an occupational pension scheme through my employer with Scottish Widows.A few years ago I opted to contract out of the SERPS element (I think that's what it is called) and have a separate pension provision for this also with Scottish Widows.

Do I need to have the 2 separate pension provisions with Scottish Widows or can I combine them? If so, would there be any advantage to combining or am I just as well letting them both run?

This might depend on what type of occupational scheme you have, so ask the pensions people at the office if they can be combined in the first instance.

david78

I think you will always get two statements, one for your company pension and one for the contracted out rebates. I doubt they can be merged together, and there would not be much point.

As you have now contracted back in to S2P your second state pension entitlement will now increase each year.