opting out of serps?

marrbett

How would I know if I opted out of serps?
I remember a discussion with the company's pension chap in 1990ish about opting out.. but have no idea if I did or not.

Thanks for any help

[Deleted User]

You can check online at https://www.tax.service.gov.uk/check-your-state-pension - you will need to register on the site.

marrbett

Sleazy wrote: »

You can check online at https://www.tax.service.gov.uk/check-your-state-pension - you will need to register on the site.

Thanks so much.It appears I did.

bigfreddiel

Well done, also if you were sold a private pension. Seemed a good idea at the time, when we were all young and gullible. I believed everything the salesmann told me. Little did I know thst he bled me dry in my first few years.

Why didn't alarm bells ring ehen he told us he was the top salesman for our area!

Also if you had a final salary pension you were out.

Cheers fj

marrbett

bigfreddiel wrote: »

Well done, also if you were sold a private pension. Seemed a good idea at the time, when we were all young and gullible. I believed everything the salesmann told me. Little did I know thst he bled me dry in my first few years.

Why didn't alarm bells ring ehen he told us he was the top salesman for our area!

Also if you had a final salary pension you were out.

Cheers fj

Well, I agreed with everything he suggested and have no idea what it was now. The whole pension thing is such a mystery to me that at the grand old age of 50, I have decided to try to understand it all. I can retire at 67 and will get £155 a week state pension apparently. I have a small frozen pension from the opted out serps company pension that I had, but think I'm going to need to seriously save from now on. My dh works for the NHS and i think is still on the old scheme, but is poorly paid and so his pension(based on his final salary) will not be high. He is nearly 60, and we need some advice about making the most of his last 5 years of working.
I can't understand how quickly we've got to the age when retiring is the next stage!!!!

dunstonh

Contracting out (not opting out as that means something different) was probably a very good decision.

I can retire at 67 and will get £155 a week state pension apparently

Which confirms what a good decision it was to contract out.

My dh works for the NHS and i think is still on the old scheme, but is poorly paid and so his pension(based on his final salary) will not be high.

However, the cost of being in that scheme vs the level of benefits is very low which is what makes it such a good scheme.

marrbett

dunstonh wrote: »

Contracting out (not opting out as that means something different) was probably a very good decision.



Which confirms what a good decision it was to contract out.



However, the cost of being in that scheme vs the level of benefits is very low which is what makes it such a good scheme.

haha, Dunstonh, if you say so.
I am going to understand all this if its the last thing I do.:rotfl:

bigfreddiel

marrbett wrote: »

haha, Dunstonh, if you say so.
I am going to understand all this if its the last thing I do.:rotfl:

It's actually not that hard, it's just that some people make it sound hard. Good luck fj

xylophone

Has your husband obtained a new state pension statement?

marrbett

xylophone wrote: »

Has your husband obtained a new state pension statement?

He is trying to, think he entered an incorrect date of birth when registering, so need to try again. But he has found out who to contact at work about his pension, so we'll see about paying as much as he can into it asap.

marrbett

xylophone wrote: »

Has your husband obtained a new state pension statement?

Yes, and has confirmed he'll get £155 a week aged 66.
We both have a couple of 'frozen' pensions offering around £400 a year , which I assume is better to cash in totally rather than wait for the huge payouts each year.
So its down to his NHS pension and anything I do from now on, to keep us in the path of luxury we've not had so far!!!:rotfl: