(Very) basic SERPs question

coffeehound

My first job aged 16 was with a government agency. I have a vague recollection that I chose to opt out of SERPs.

The agency was privatised and I moved my pension to the new company. Left that company after 17 years total service. Since then I've not accumulated any other pension provision.

Could anyone please give me a brief idea of the implications of opting out, and particularly how it changes the state pension I might receive? I'm currently 46 yrs old. Many thanks.

xylophone

You were contracted out of SERPS/S2P for at least 17 years?

You are a deferred pensioner of your old pension scheme?

Do you get regular statements?

You can obtain a new state pension statement which will give you your starting amount. https://www.gov.uk/check-state-pension

See page 4 https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/514293/your-state-pension-explained-apr-2016.pdf

bigfreddiel

You are 46 years old so luckily you can work for another twenty years at least to accumulate more state pension, at least another £80 or £90/week.

Obviously you know there is no more SERPS, it's now a single tier state pension.

Good news you must admit.

So you're probably on track to get the maximum state pension of at least £155/week at current rates.

Good luck fj