Serps pot

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
4 replies 598 views
snipperuksnipperuk Forumite
14 Posts
Firstly I know nothing about pensions / investments and just gone through life paying my way and cleared my mortgage at the age of 48 .. which has got me looking at my finances ( small though they are lol)
Back in the day I opted out of the government pension scheme then back in which has left me with a transfer pot with prudential of 64k .
I'm not planning on adding anything more to it so my question is just leave be or transfer it to ??????

Thanks

Replies

  • dunstonhdunstonh Forumite
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    Back in the day I opted out of the government pension scheme then back in which has left me with a transfer pot with prudential of 64k .

    You havent opted out of the state pension.
    You contracted out of SERPS/S2P. That was a secondary part to the basic state pension. You still retain your basic state pension entitlement.
    I'm not planning on adding anything more to it so my question is just leave be or transfer it to ??????

    It may be viable to transfer it. It may not be. It would require an analysis of the current terms vs alternatives. Something that cannot be done on the internet. Pru plans are largely basic plans where you can do no wrong. Never the best. Never the worst. Maybe that is best after all?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 31 July 2018 at 11:11PM
    JudwinJudwin Forumite
    207 Posts
    edited 31 July 2018 at 11:11PM
    I have a similar sized SERPS/S2P "Former Protected Rights" pot with the Pru as you, in their With Profits fund. I've put the Transfer Values into a spread-sheet and been tracking performance over the past 12 years. I contracted back into SERPS/S2P in 2006/7, so no additional money has been added to the pot during this time. The numbers over that time :


    14.24%, 12.44%, -1.76%, -0.24%, 6.73%, 7.47%, 5.40%, 5.35%, 7.79%, 2.74%, 7.78%, 9.50%


    A decent IFA may have been able to do better, and no doubt I could have done a lot worse. But I'm happy with that given that I knew nothing at the start, and know slightly less now. :-)
  • xylophonexylophone Forumite
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    How old are you now?

    Are you currently contributing to a pension and if so what kind of pension is it?
  • 50 next year and only pay into state pension nothing else
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